Apr 19, 2011 (LBO) - The Multi Finance Company, a finance company once part of the troubled Ceylinco financial services group, is to list on the Colombo stock exchange by June to conform with regulatory requirements.
Multi Finance is part of the Entrust group which has expanded its business activities from primary dealer activities to registered finance company business activities, a statement said.
The Multi Finance Company, headquartered in the hill country city of Kandy, was a family owned company founded 37 years ago.
Under the new management of Entrust Limited the company has now branched out into prime locations such as the national capital Colombo and key towns like Gampaha, Kurunegala and Matara.
"The Multi Finance Company would be listed towards mid-May 2011," a company spokesman said.
The firm made an after-tax profit of almost six million rupees in the financial year ended March 31, 2010 compared with a loss of 3.9 million rupees the year before.
Interest income rose to 73.8 million rupees in 2010 from 41.7 million the year before while interest expenses grew at a slower rate to 16.6 million from 11.2 million, enabling net interest income to rise to 57 million rupees from 31 million rupees.
Earnings per share were 33 cents against a loss of 39 cents the previous year.
The company had total assets of 423 million rupees as at March 31, 2010 up from 343 million the year before.
Deposits shot up to 129 million rupees from 62 million rupees over the same period.
source - www.lbo.lk
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