Sri Lanka’s People’s Leasing December quarter net up 32-pct

EconomyNext – Sri Lanka’s People’s Leasing & Finance, a subsidiary of state-owned People’s Bank, said net profit rose 32 percent 1.1 billion in the December 2014 quarter from a year ago.

It reported in a stock exchange filing earnings per share of 70 cents for the quarter.
 
Net interest income rose 12 percent to 2.6 billion rupees as interest income fell 4.7 percent to 4.8 billion rupees and interest costs fell 19 percent to 2.2 billion rupees.

For the nine months ended 31st December 2014, People’s Leasing & Finance reported EPS of 1.88 rupees, up 29 percent from the year before.

Interest income was almost stagnant at 18.9 billion rupees while interest costs fell 12 percent to 7.4 billion rupees.

A note in the interim results said the firm was subject to the 25 percent ‘Super Gain Tax’ imposed in the January 29 government budget as it made a post-tax profit of 3,123.7 million for the financial year 2013/14.

But it said the new tax’s impact cannot be assessed right now as details of its computation were not yet known.