Losses mount at The Finance Co.

*Profits tumble 8,000 percent


Profits fell more than 8,000 percent as The Finance Company PLC (TFC) reported a massive Rs. 1.26 billion loss for the nine months ended December 31, 2012 from a profit of Rs. 15.8 million a year earlier, interim financial results filed at the stock exchange showed.

The company reported a net interest expense for the nine month period amounting to Rs. 625.7 million, a huge 83.4 percent increase from a year earlier. Other operating income fell 65.6 percent year-on-year to Rs. 220 million, resulting in a Rs. 340.9 million loss before operating expenses, as against a profit of Rs. 754 million a year ago.

Operating expenses grew 6.66 percent year-on-year to Rs. 979 million.

The loss per share amounted to Rs. 7.87, as against 10 cents profit per share a year ago.

The company reported a loss of Rs. 510.4 million for the December 2013 quarter, 2,833 percent higher than the Rs. 17.5 million loss reported a year earlier.

As at end December 2013, the public deposits held with TFC amounted to Rs. 21.5 billion, up 3.14 percent from year earlier.

Total assets fell 2 percent to Rs. 19.7 billion.



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