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Chairperson’s Message
The year under review saw the Company operate under a difficult business climate. However, the Company has recorded a healthy growth in almost all spheres of activity compared to the previous year. The highest improvement shown is the growth of gross income, a staggering 45.89%. The growth has been contributed to by aggressive selling and overall quality improvements in business processes.
The CEO’s review outlines the growth of the Company in several sectors posting significant improvements in the year under review. The performance for the year is commendable especially considering the industry situation that existed, with the profit after tax of Rs. 129.7 Mn up by 18.5% over the last year’s profit after tax of Rs. 109.4 Mn.
The Company’s expansion drive in the network of pawning centres started in 2004 for a higher share in the industry has been a great success. The entire clientele who are being catered to by the new pawning centres specially in the provinces are extremely pleased with the services offered. The overall service level offered to the clientele of other pawning centres and other products have been tremendously improved. The Company has given a special emphasis on quality of our products, services and improved quality systems. It is heartening to note that two product lines, ETI Homes and ETI Leasing managed to obtain ISO 9000 certification during the year under review. The Company started several activities to develop the skills and knowledge of employees through training programmes. more
Chief Executive Officer’s Review
It is with great pleasure that I present to you the Annual Report and Financial Statements of Edirisinghe Trust Investments Ltd. for the year ended 31st March 2008. It was a very difficult year for the finance industry as many difficult situations
surfaced which we had to face and overcome. However, it is certainly the Company’s strength and the commitment of our team that enabled nearly all divisions to perform better than in the previous year with an overall increase in gross income of 45%, a remarkable growth over the previous year. Now we can boast that we are a company
earning an income in excess of Rs. 1.0 Bn a year, Rs. 1,272,468,692/- to be exact.
We have maintained a healthy Balance Sheet with a strong reserve base over Rs. 1.0 Bn. In addition to the strong financial performance, the Company has embarked on in the expansion of its core business activity - pawning.
The high finance costs and sharp increase in administration and personnel costs due to expansion in the core business area were the main cost escalations during the year. more
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