Orient Finance PLC, reaping it post-merger synergies, has increased its total income by 76.5%, recording Rs. 1.5 billion for the first six months ended September 30 2016. This has been achieved amidst stiff macro-economic and fiscal constrains such as LTV ratio of 70% and increasing funding costs.The total income for the quarter ended September 30, 2016 has also increased from Rs. 646 million to Rs. 816 million,recording a 26% increase over the same period of the previous year.
Profit before tax for the six months period ended September 30, 2016 rose by 127% while PBT for the quarter ended September 30, 2016 declined by 28.7% due to the rising funding cost. Profit after tax showed a decline for both the six months period and the quarter, since there was a deferred tax gain on the investment tax relief, resulting from the merger during the previous year.
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