For People’s Leasing Company (PLC), the financial year 2006/07 was extremely successful from both operating and strategic points of view. We reached numerous milestones in addition to maintaining our status as the undisputed leader in the leasing industry for the fifth consecutive year. PLC is Sri Lanka’s largest specialist leasing company, with 18 branches in major cities and towns around the country.

The success of our dynamic corporate strategy is confirmed by substantial growth in both income and operating profit. In 2006/07, we surpassed all our goals – and in the process, increased revenue and other income by Rs. 1,404 million (a 29 per cent growth) and pre-tax profit by Rs. 249 million (a 33 per cent increase) exceeding the Rs. 1 billion mark. At the same time, we were able to continuously improve the quality of our income streams. This performance is demonstrated by all key indicators. Overall, operating margins increased and net assets per share rose from Rs. 51 to Rs. 62.

Another important milestone PLC achieved during the year was the upgrading of our national long-term rating of BBB+(lka) to A-(lka) by Fitch Ratings Lanka, which re-affirms the strength and viability of PLC.