LB Finance profits grow by 52%

CORPORATE RESULT:LB Finance Ltd released its 9-month financial results for the period ending December 31, 2005, recording bountiful tenure with profits increasing by an impressive 52% over the corresponding period in the previous year.

Income grew by 34% over the corresponding period to Rs. 649 million. On the back of far-reaching operational changes the company's net profits for the 9-months under consideration reached Rs. 109 million recording a growth of 52%.

The share market, meanwhile, had noted with interest the resurgence of the company with the stock performing well to reach a high of Rs. 91.00 during the period.

Earnings per share rose to Rs. 8.08 offering further encouragement to investors showing an increase of 51.6% over the corresponding period.

The company's continuing confidence among investors was evident with deposits as well as the number of depositors showing significant gains, seen by industry analysts as a vote of confidence for the new direction of the company.

The company's total deposits rose to Rs. 3.03 billion from Rs. 2.6 billion as at 31/03/2005 Plans are afoot to streamline the company's real estate business with major emphasis laid on top-of-the-range condominiums, a release from the company said.