Major indicators of Hathway Finance Company report fall in the fourth quarter; net profit falls by 56% to Rs.2.48 Crore

Hathway Finance Company Limited (HATH) has reported a fall in net profit at Rs.2.48 Crore along with decreased EPS at Rs.8.28 for the fourth quarter of the fiscal year 2075/76.

Unaudited financial report of Hathway Finance circulated today; has stated that net profit has decreased to Rs.2.48 Crore from Rs.5.66 Crore reported in the corresponding quarter of the previous fiscal year 2074/75, decreasing by 56.20%.

It has extended loans of Rs.34.73 Crore from Rs.28.29 Crore in the corresponding quarter. Its deposits collection has increased to Rs.32.14 Crore in the fourth quarter of the fiscal year 2075/76. It has paid up capital of Rs.30 Crore with diminished reserve at Rs.7.64 Crore in Q4.

Net Interest income is the primary source of income for finance company. HATH’s net interest income has fallen from Rs.3.38 Crore in the corresponding quarter last year to Rs.2.63 Crore in the fourth quarter of fiscal year 2075/76, decreasing by 22.20%.

The finance company’s non-performing loan (NPL) has reduced to 2.46 percent in the fourth quarter. Currently, Net worth per share stands at Rs.74.52 and P/E ratio at 13.76 times.

The finance company is in acquisition process by Global IME Bank Limited. Global IME Bank has successfully convened its SGM on Shrawan 14, 2076 endorsing the decision to acquire Hathaway Finance Limited. The SGM has approved the Due Diligence Audit (DDA) analysis to fix the share swap ratio between the bank and the finance company as 100 : 42 shares.