CSE News Updates

Nation Lanka Finance Plc (NLF), which was restructured via a New Board of Directors in March 2011, is planning on opening a minimum of 10 additional branches this financial year which will include 6 units dedicated to pawning, NLF Chairman Jayantha Dharmadasa has disclosed. The company, which was in the brink of a crisis, was given the impetus of fresh capital of Rs. 500 million from a group of committed new stakeholders and a subsequent Rights issue, of Rs. 300 million restoring stability and confidence in the company.
“Our focus will be to target the small and middle market clientele with emphasis on competitive pricing and superior service. Further, we plan to increase our exposures in leasing, hire purchase, pawning, property commercial loans and we also plan to venture into micro finance,” the Chairman noted in his message in the firm’s Annual Report 2010/2011 released last week.
He added that strategic tie-ups are also planned with companies to promote leasing,
especially targeting the small trucks, three-wheelers, motorbikes and the car market.
The firm’s application to the Central Bank of Sri Lanka to obtain Registered Finance Company (RFC) licence has been lodged and is currently under evaluation by the regulator.
Losses suffered by NLF in the recent financial year ending March 31, 2011 reduced to Rs. 320.9 million from a previous year’s loss of Rs. 734.5 million. The Group too, has shown significant improvement with regard to profitability, turning around from a loss of Rs.1,071.2 million to Rs.348.4 million. (AR)

source -  www.thebottomline.lk