People’s Merchant Finance posts Rs. 31 mn profit | Daily News

People’s Merchant Finance posts Rs. 31 mn profit

People’s Merchant Finance completed another successful quarter, achieving a profit of Rs. 31 million for the quarter ended 31st December 2020 amidst the prevailing challenges in the operating environment.

This continuing growth momentum is attributed to the support given by stakeholders, especially its primary shareholder, Sterling Capital Investments (Private) Limited (SCIL), part of Sterling Japan Co. Ltd., and the largest exporter of Japanese vehicles to Sri Lanka. Success is also attributed to PMF’s well-developed and optimistic strategic plans together with the go-getter attitude of its management team and employees.

The Chairman Chandula Abeywickrema is convinced that PMF’s continued transformation into positive bottom line was made possible due to the vast experience and the dedicated efforts of the Board of Directors and the newly strengthened senior management team of PMF. “It is these uniquely blended efforts of the PMF team which makes it possible for the Company to achieve such success in such a challenging environment. The Company will have to remain focused on stakeholders, as they are the foundation on which any business or entity is developed and expected to achieve success”, he stated.

The restructuring initiatives of the Company have reaped benefits for all stakeholders in a short period.

CEO Nalin Wijekoon states, “The operational enhancements and the efficiencies achieved in just nine months since we implemented our new five-year strategic plan is progressing very well. Our second consecutive quarter of profitability in these difficult times is a true reflection of the trust customers place on us, and the tireless efforts of the management and staff.”

They also plan to move ahead with the Rs. 811.9 million Rights Issue which is expected to meet core capital requirements and improve the internal funds’ position to support planned investments for long-term growth.