House Building Finance Company Limited (HBFCL) on Monday announced profit after-tax of Rs 95 million for the first half of 2011. According to the statement issued here, the company had earlier announced an annual profit after tax of Rs 113 million on March 30. During the period 2007-2009, the company had registered an aggregate loss of Rs 1,482 million.
The results announced revealed that all financial indicators are positive, in spite of inflationary pressures, saturation of the housing mortgage market due to flood catastrophe, prevailing law and order situation, rising borrowing rates in the recent years and the additional cost the company had to bear for its Voluntary Severance Scheme (VSS) announced in 2010.
The sustained profitability of HBFCL follows the launch of a comprehensive transformation strategy in 2010, starting with the induction of highly professional management, which then brought about consumer-focused and prudent lending policies, launched an aggressive recovery drive and introduced various cost-cutting measures. The ongoing programme seeks to make HBFCL a streamlined, self-sustaining, efficient and customer-focused housing finance institution and augers well for the organisation and its various stakeholders, including its borrowers, and promises continued growth in the future.-PR
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