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14 November, 2014 09:19 AM Source: Financial Times - Sri Lanka

LOLC Group announced yesterday it has recorded 118% growth in PBT for the six months ended September, reaching a strong profit signature of Rs. 3.7 b compared with Rs. 1.7 b reported for the same period last year.
The main contributor to this growth in the profits comes from LOLC’s core business, financial services, where all three regulated companies recorded excellent performance for the first six months of 2014. The trading sector too contributed to strong profitability while the other sectors and equity accounted investments yielded higher returns, further strengthening Group performance.
LOLC’s financial services sector including, Lanka ORIX Finance PLC (LOFC), Commercial Leasing & Finance PLC (CLC) and LOLC Micro Credit Ltd.
(LOMC) contributed Rs. 3 b to the profits of the Group compared with Rs. 1.8 b recorded last year. LOFC records Rs. 1 b in PBT, a 34% growth over last year. CLC also records Rs. 1 b profits against Rs. 745 m in September 2013. LOMC too contributed Rs. 780 m as profits in the current year against Rs. 542 m recorded in the same period last year.
LOLC Group Managing Director/CEO Kapila Jayawardena said: “The financial performance of the Group demonstrates the robust and aggressive growth strategy of LOLC. We expect the positive trend set in the first six months to continue in the future which would position LOLC as one of the best performing Conglomerates in the country.”

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