Progressive Finance Earns Net Profit of Rs 17.8 Mn

Oct 28, 2018 Merolagani

In the first quarter of the current FY, Progressive Finance (PROFL) has earned a net profit of Rs 17.8 million. The company was able to register the net profit after recovering bad debt of Rs 26.7 million in the review period.

However, the company logged operating loss of Rs 6.55 million in the review period. In the corresponding period of the last FY, the company incurred loss of Rs 10.9 million while reduced bad debt from 2.44 percent to 1.91 percent.

The company with a paid-up capital of RS 210 million has not included recently issued 281 percent right issue; however, it has included call in advance deposited by promoter shareholders for the right shares.

During the period, the company collected deposit of Rs 707.5 million and extended loan of Rs 610.6 million.


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