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MBSL’s 37th AGM concludes on high note


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 10 July 2019 00:00


 


The Merchant Bank of Sri Lanka and Finance PLC (MBSL) held its 37th Annual General Meeting, on 25 June, at the Galadari Hotel, Colombo in the presence of 300 shareholders and other invitees. The company presented the annual report and Audited Financial Statements for the financial year ended 31 December 2018 to the shareholders, which was adopted at the AGM.

MBSL recorded impressive financial results in the financial year 2018, posting a pre-tax profit of Rs. 447 million, in comparison to the pre-tax profit of Rs. 229 million recorded in 2017. This reflects a pre-tax profit growth of 95% in comparison with the corresponding previous year financial results which was mainly due to the changes that the company made to enhance financial and operational resilience from the mid of the year. The company witnessed a standalone profit after tax growth of 79.21% increase from Rs. 101 million to Rs. 181 million. 

Shareholder approval was sought and obtained to re-elect K.B.S. Bandara to the Board. In addition, shareholder approval was obtained to elect D.N.L. Fernando as a Director of the company. While reporting a robust financial performance, as a responsible corporate citizen, MBSL has contributed to a number of public welfare causes during the financial year under review.


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