People’s Leasing in the forefront once again

Thursday, 30 June 2011 01:13 - - {{hitsCtrl.values.hits}}

By Shanika Perera

Grasping unique opportunities, making use of unexpected openings and braving every adversity, People’s Leasing Company has once again risen to the top, surpassing previous heights.

At the end of its financial year, People’s Leasing Company (PLC) takes great pride and pleasure in announcing that it has recorded an astounding Rs. 2.6 billion profit after tax figure, beating its previous year’s record of Rs. 1.2 billion. As a 100% increase, this achievement will indeed be written in the company’s annuals.

In order to achieve this milestone, the company has had to make some necessary changes, tighten belts and introduce innovative measures in order to take up this challenge. Its monthly granting figures reached Rs. 41.8 billion – another landmark achievement. As against the previous year’s granting figures of Rs. 16.5 billion, this marks a 153.3% increase.

Additionally the company recorded a turnover of Rs. 9.82 billion together with total assets of Rs. 55.9 billion, which accounts for an 81.1% growth rate. Furthermore, not only did the credit loss provision record a net reversal, the non performing ratio reduced from 2.94% to 1.13%.

“It is a testament to the quality and strength of our entire staff network and management teams that in 2010/2011 our performance was significantly and radically ahead that of 2009/2010,” said CEO of PLC D.P. Kumarage.

A strong factor that aided the impressive growth of the company’s assets and profit levels was the reduction in import taxes especially for unregistered vehicles. This singular decision by the Government sparked a series of advantageous situation for PLC, as a leading leasing company.Whilst the overall economic condition continues to fluctuate, in the coming year PLC plans to continue to focus on its core activity of leasing, with further diversification of the lease portfolio. As competition has intensified amongst members of the industry, the emphasis will be on repeat business along with targeting of new customers.Keeping its eyes and ears open, PLC will aim to make ample use of growth opportunities that come its way and enhance in-house expertise at all levels.Having emphasised on good customer relations, improved risk management, advanced IT development and structured managerial levels, People’s Leasing certainly ended the 2010/2011 fiscal year on a high note.