The New Nation - Internet Edition

BUSINESS REPORT

The 12th Annual General Meeting (AGM) of the People's Leasing and Financial Services Limited held on June 26 at Bashundhara Convention Centre in the city. Motiur Rahman, Chairman of the company presided over the meeting. The Directors, a large number of shareholders--both sponsor and public shareholders-- attended the meeting.

The Chairman welcomed the shareholders to the AGM and placed before them the annual report of the company containing the directors' report, financial statements, business activities and ultimate financial results of the company for the financial year 2007.

The Managing Director while answering the questions from the shareholders explained that despite high inflation in the economy, adverse challenges, unsettled political conditions and tight monetary market, the company achieved the operating revenue which increased by 40.75 per cent over the previous year and net profit before tax increased by 25.18 per cent to Tk 224.6 million and earned a net profit after tax Tk 179.43 million for the year 2007.

People's Leasing is now a well capitalised company with a paid-up capital of Tk 600.561 million which is the highest amongst the financial institutions.

Considering the overall economic environment of the financial sector current strength of the company and shareholders' expectations and aspirations the company declared 35 per cent stock dividend (35 share for existing 100 shares) for the year 2007. The Chairman said that the success was possible because of the shareholders' strong support.

The Chairman also assured that the management would continue to work hard to achieve better result in 2008.

Finally the Chairman thanked the shareholders, clients, bankers, regulatory authorities, the press and media for their kind support.

He also thanked the members of the management staff for their dedicated and hard work for the encouraging results of the company.