August 29, 2014 10:25 PM ET

Consumer Finance

Company Overview of Swarnamahal Financial Services Limited

Company Overview

Swarnamahal Financial Services Limited provides financial services in Sri Lanka. It offers deposit products, including savings account and fixed deposits; and lending products, such as leasing and higher purchasing, educational loans, pawning, term loans, and personal loans. The company was incorporated in 2004 and is based in Colombo, Sri Lanka with branches and service centers in Negombo, Ratnapura, and Nugegoda.

No 654 Galle Road

Colombo,  03

Sri Lanka

Founded in 2004

Phone:

94 11 255 6160

Fax:

94 11 258 9823

Key Executives for Swarnamahal Financial Services Limited

Swarnamahal Financial Services Limited does not have any Key Executives recorded.

Swarnamahal Financial Services Limited Key Developments

Swarnamahal Financial Services Limited Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended March 31, 2014

Swarnamahal Financial Services Limited announced unaudited consolidated earnings results for the fourth quarter and year ended March 31, 2014. For the quarter, the company reported net interest income of LKR 211,883,425 against LKR 136,942,652 a year ago. Total operating loss was LKR 109,417,546 against total operating income of LKR 139,082,283 a year ago. Loss from operation before tax was LKR 308,974,183 against profit from operation before tax of LKR 36,737,930 a year ago. Net loss was LKR 308,974,183 against net profit of LKR 20,153,720 a year ago. Basic loss per share was LKR 0.62 against basic earnings per share of LKR 0.04 a year ago. For the year, the company reported net interest income of LKR 440,259,371 against LKR 544,851,379 a year ago. Total operating loss was LKR 421,496,530 against total operating income of LKR 545,496,615 a year ago. Loss from operation before tax was LKR 893,181,495 against profit from operation before tax of LKR 197,918,103 a year ago. Net loss was LKR 893,181,495 against net profit of LKR 121,756,200 a year ago. Basic loss per share was LKR 1.79 against basic earnings per share of LKR 0.24 a year ago. Net cash from operating activities was LKR 314,233,488 against LKR 128,337,570 a year ago. Purchase of property plant and equipment was LKR 1,783,131 against LKR 12,448,212 a year ago.

Swarnamahal Financial Services Limited Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2013

Swarnamahal Financial Services Limited reported unaudited earnings results for the third quarter and nine months ended December 31, 2013. For the quarter, the company reported income of LKR 28,094,933 compared to LKR 686,179,053 for the same period a year ago. Net interest income was LKR 86,918,500 compared to LKR 274,265,538 for the same period a year ago. Operating loss was LKR 164,260,166 compared to operating income of LKR 272,968,418 for the same period a year ago. Loss from operation before taxation was LKR 176,254,855 compared to profit of LKR 105,607,718 for the same period a year ago. Net loss was LKR 176,254,855 or LKR 0.35 per share compared to net profit of LKR 64,853,456 or LKR 0.13 per share for the same period a year ago. For nine months, the company reported income of LKR 315,331,770 compared to LKR 984,856,658 for the same period a year ago. Net interest income was LKR 228,375,946 compared to LKR 407,908,727 for the same period a year ago. Operating loss was LKR 312,078,983 compared to operating income of LKR 406,414,332 for the same period a year ago. Loss from operation before taxation was LKR 584,207,312 compared to profit of LKR 161,180,173 for the same period a year ago. Net loss was LKR 584,207,312 or LKR 1.17 per share compared to net profit of LKR 101,602,480 or LKR 0.20 per share for the same period a year ago. Net cash provided by operating activities was LKR 57,088,801 compared to net cash used in operating activities of LKR 32,552,120 a year ago. Negative return on assets (after tax) - (annualized) was 15.37% against return on assets of 2.50% for the same period a year ago. Negative return on equity - (annualized) was 3.87% against return on equity - (annualized) of 30.17% for the same period a year ago.

Swarnamahal Financial Services PLC Announces Management Changes

Swarnamahal Financial Services PLC announced that the resignation of Mr. Sameera Maulika Ganegoda as Chief Executive Officer with effect from September 1, 2013 has been accepted by the board, with the approval of the Central Bank of Sri Lanka; that Mr. Warnakulasuriya Manuel Dinusha Sanjaya Fernando has been appointed as the Chief Executive Officer with effect from November 15, 2013 and the Central Bank of Sri Lanka has approved this appointment and that Mr. Sameera Maulika Ganegoda has been designated as a Non Executive Director with immediate effect.

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