Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Monday, 14 November 2016, 12:50 HKT/SGT
Share:
    

Source: Group Lease PCL
GL Shows New Record-High Q3 Profits, Expects Even Stronger Growth in Q4

BANGKOK, Nov 14, 2016 - (ACN Newswire) - Thanks to continuous expansion of its growing regional businesses, SET-listed digital finance firm Group Lease Public Company Limited ("GL", SET:GL) has reported a new record-high net profit of 260.41 million baht for the third quarter ending September, which represents a whopping 73.29% increase from the same period last year.

This marks the eight consecutive new quarterly record-high profits for GL, which prides itself as the first Thailand-based financial services company that has developed a highly efficient digital finance platform now being used to support its business expansion into Thailand's neighboring countries of CLMV plus Indonesia and Sri Lanka.

GL Chairman and Chief Executive Mitsuji Konoshita noted that the Q3 profits would have been considerably higher at nearly 300 million baht if it had not been for one-time fees impact from several acquisitions.

He added that these acquisitions - particularly the 29.99% stake GL acquired in Commercial Credit & Finance Plc (CCF), a leading and highly profitable finance firm listed on the Colombo Stock Exchange - will help raise GL's profits to substantially higher levels beginning in Q4.

CCF has projected to make a full-year profit of US$24 million this year and GL will start booking its share of the profits in Q4 from its 29.99% stake.

The chairman of GL's executive board Tatsuya Konoshita explained further that the Q3 profits were also dragged by about 40 million baht of interest expenses for a new batch of US$130 million convertible debentures (CDs) that were issued for subscription by GL's strategic partner in Indonesia, J Trust Asia (JTA).

He said the results have shown improvement in all fronts, with the Cambodian operations continuing to be the star performer while the relatively new operations in Indonesia have, surprisingly, turned positive in this quarter.

A rough breakdown of the Q3 profits shows the Cambodian operations (which combine the regular leasing of motorcycles and agricultural machineries plus loans to SME businesses) contributing the largest portion of about 130 million baht, followed by Thailand operations (about 100 million baht), plus another 15 million baht each from the Thai subsidiary Thanabun and GL Laos.

On top of acquiring the 29.99% stake in the listed Sri Lankan finance firm CCF, GL is also mounting a full-scale expansion into Myanmar by taking over a micro-finance firm and partnering with local business tycoon U Aung Moe Kyaw, owner of Century Finance and the country's leading liquor group Myanmar Distillery, to expand into a broad range of other financial services.

Raising more funds to support the company's aggressive regional expansion, it recently decided to issue additional CDs totaling US$70 million in private placement (PP) - comprising of US$50 million to be subscribed by its strategic partner JTA and another US$20 million for an affiliate in Sri Lanka, Creation Investments Sri Lanka (Creation SL). Carrying three-year maturity, the conversion price for these CDs is set at 70 baht per share.


About Group Lease PCL

Group Lease Public Company Limited was established on 6th May 1986 and listed on the Stock Exchange of Thailand in 2004 (SET:GL). The company has expertise in hire-purchase of motorcycles, as it has been in the motorcycle leasing business for over 20 years, with motorcycle brands for financing including Honda, Yamaha, Suzuki, Kawasaki.

In 2007, the APF group became the major shareholder holding around 65% of total shares. In 2012, GL announced a long-term business plan to become the leading finance company in the Southeast Asian region. To do so, GL formed Group Lease Holdings Pte. Ltd. (GLH), a Singapore holding company, as headquarters for its expansion in other countries. For more information, please visit www.grouplease.co.th.

Contact:
Distributed for Group Lease Public Company Limited
by M T Multimedia Co., Ltd.
Orn-anong ("Fah") Pattaravejkul
Tel: +66-2-612-2081 # 129 Mobile: +66-86-884-4458
E-mail: ornanong.p@mtmultimedia.com
Website: www.mtmultimedia.com


Nov 14, 2016 12:50 HKT/SGT
Source: Group Lease PCL

Topic: Earnings
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



Group Lease PCL
Aug 28, 2017 16:00 HKT/SGT
Group Lease PCL (SET:GL) Reports Pre-payment from Cyprus Borrowers
Aug 17, 2017 11:30 HKT/SGT
Group Lease PCL (SET:GL) Q2 Profits Hit New High
May 15, 2017 14:00 HKT/SGT
Group Lease PCL (SET:GL) Reports Impressive Q1 Results
Mar 1, 2017 11:00 HKT/SGT
Group Lease PCL (SET:GL) Sets up Financial Services Hub in Cyprus
Feb 14, 2017 18:40 HKT/SGT
Group Lease PCL (SET:GL) Q4/16 Profits Break New High
Jan 4, 2017 17:50 HKT/SGT
Group Lease PCL (SET:GL) Expanding to 20 Countries in 2017
Dec 7, 2016 15:30 HKT/SGT
GL (SET:GL) Key Regional Investment Plans Get Shareholders' Green Light
Nov 28, 2016 19:00 HKT/SGT
GL's Great Leap Forward
Oct 13, 2016 16:00 HKT/SGT
GL Partners AMK's U Aung Moe Kyaw, Others in Major Myanmar Expansion
Oct 3, 2016 16:00 HKT/SGT
Group Lease PCL (SET:GL) Acquires 29.99% in Leading Sri Lanka Finance Firm
More news >>
 News Alerts
Copyright © 2019 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: