950827

Orix pre-tax

profits

rise 87 pc

KARACHI: Orix announced exceptionally strong results for the year to June 30, 1995. Profit before tax rose 87 percent to Rs 113 million and volume of new leases and loans rose 48 percent to Rs 1.5 billion. The Company declared a cash dividend of 35 percent in comparison to 20 percent cash dividend distributed in previous year. The rights issue of 7.2 million shares (one for one) during the year was fully subscribed and raised the shareholders' equity from Rs 197 million to Rs 570 million.

The company provided assistance to 1,136 businesses throughout the country. All segments of the company's business showed strong growth and the Board attributes this to the technical support of Orix Corporation, Japan and strict adherence to good business practices.

Orix's funding position remained satisfactory and it is currently availing foreign currency loans from The World Bank, ADB, IFC, FMO and AFIC and rupee facilities from 14 banks and financial institutions in Pakistan. The company plans to issue long-term TFCs in the domestic market later in the year.

Orix's joint venture in Oman has commenced satisfactory operations and plans were announced for the formation of Orix Investment Bank in partnership with major international and domestic financial institutions.