Progressive Finance Limited publishes net loss of Rs.2.09 Crore by the end of second quarter; operating expenses increase by 82.55%

Progressive Finance Limited (PROFL) has registered a net loss of Rs.2.09 Crore in the second quarter of the FY 2076/77. It has decreased from profit of Rs.2.45 Crore in the corresponding quarter of the previous fiscal year. This can be attributed to 82.55% increase in the operating expenses from Rs.1.80 Crore in the corresponding quarter to Rs.3.30 Crore by the end of second quarter.

PROFL’s net interest income has increased to Rs.4.19 Crore in Q2 as compared to Rs.2.05 Crore in the corresponding quarter of the last fiscal year. It has a paid up capital of Rs.80.01 Crore with a reserve of Rs.2.35 Crore.

The finance company also collected deposits of Rs.95.68 Crore in Q2, which was Rs.1.07 Arba in the corresponding period last year. Likewise, it has extended loans and advances of Rs.1.05 Arba in Q2 whereas in the same period last year, the figure stood at Rs.93.41 Crore.

Progressive Finance’s annualized EPS stands at negative Rs.6.02 with net worth per share standing at Rs.102.57. The PE Ratio as of the first quarter stands at negative 34.56 times.