Wednesday, August 17, 2011

People's Merchant records Rs 133.7mn PAT

People's Merchant PLC made an after tax profit of Rs 133.7 million for the quarter ended June 30, 2011. This is against a loss of Rs 212.9 million recorded for the quarter ended 31.03.2011. The profit was recorded mainly through income generated from disposal of the subsidiary, People's Merchant Finance Company Ltd.

The company had a 100 percent increase in income of 270mn as against Rs 136 mn reported in the previous year's corresponding quarter.

The company was able to reduce the reserve losses of Rs 180mn to Rs 46mn by the end of the quarter.
The total equity of the company increased to Rs 604mn which is a 28 percent increase, compared to the position as at 31.03.2011.

The company was also able to reduce the total borrowings by Rs 580mn during the quarter.

People's Merchant PLC provides a range of financial services including Leasing, Hire Purchase, Trade Finance, Corporate Finance, Real Estate and Gold Loans through its Corporate office and a network of ten branches.

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