(MENAFN- Muscat Daily) Oman Orix Leasing Co posted a 16.2 per cent growth in net profit to RO1mn for the first quarter ended March 31, 2014, against a net profit of RO863,000 in the same period of the previous year, the company said in its announcement to the Muscat Securities Market (MSM) on Wednesday.
Oman Orix Leasing said that it achieved substantial growth in business volumes during the first quarter, with gross lease receivables jumping by 28.6 per cent to RO148.8mn, compared with RO115.6mn in the same period of 2013. Its net investment in leases stood at RO120.83mn on March 31, 2014, compared with RO94.4mn a year ago.
The leasing and finance company recorded a 25.7 per cent increase in net lease income to RO2.25mn, compared with RO1.79mn in the same period of the previous year. As a result of growth in business, its total borrowings increased to RO86.48mn, from RO60.67mn at the end of the period under review.
''Despite a significant growth in the portfolio, the infected portfolio, net of unrecognised contractual income, has declined to RO3.98mn, compared with RO4mn at the end of December 2013,'' Oman Orix Leasing said in its directors' report.
''The company will continue to focus on writing good quality business and will target business growth during the remaining period of 2014. We will also aim to improve operational efficiencies, thereby controlling costs,'' the company said.<
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