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Friday, November 23, 2012

TFC reports massive loss, surge in short term debt

The Finance Company PLC (TFC) losses have mounted, according unaudited interim financial results submitted to the Colombo Stock Exchange (CSE).

For the nine months ended September 30, 2012 TFC reported a net loss amounting to Rs. 751.7 million after reporting a Rs. 33.3 million net profit a year earlier. During the September quarter, TFC saw a Rs. 6.9 million net profit a year ago turn into a huge Rs. 357.7 million loss.

TFC’s net interest expense during the nine month period grew by Rs. 132.6 million from a year earlier to Rs. 344.77 million resulting in dip in operating profits from Rs. 560.5 million a year ago to a loss of Rs. 149.1 million this year.

Total operating expenses grew by Rs. 11.1 million during the nine month period to Rs. 645.9 million.

Public deposits reached Rs. 21.4 billion as at end September 2012, up a marginal 2.59 percent a year ago.

TFC’s short term borrowings have surged 291 percent to Rs. 79.6 million. Its outstanding bank overdrafts amounted to Rs. 565.6 million, up 73.63 percent a year ago.

The EPF continues to be the fourth largest shareholder of TFC with an 8.43 stake involving 5,091,200 shares.

Issuing a statement yesterday (22) TFC said projections have been done for the next five years to wipe off the negative net worth with the intended capital infusion in order to ensure profitable levels in its business operations.

source - www.island.lk