C & I Leasing Company Plc, the only leasing company listed on the floor of the Nigerian Stock Exchange (NSE), has recorded a turnover of N3 billion in its half year result ended July 31, 2008.

The company unaudited financial result released by the NSE showed that its turnover grew by N1.9 billion or 172.7 per cent, compared with N1.1 billion recorded in the preceding year.

Also, Profit after tax which stood at N177 million in the previous year rose to N269 million, indicating a surge of N92 million or 76.6 per cent.

It would be recalled that the company in its first quarter result recorded profit before tax of N102 million, as against N76 million achieved in the preceding year, representing an increase of N26 million or 34.2 per cent.

Similarly, the company's profit after tax grew by 43 per cent, rising from N60.9 million in 2007 to N80.9 million within the period under review.

Also, the turnover of the company within the period indicated increased to N1.1 billion compared with N577 million posted by the company in 2007. This represented a growth of 52.3 per cent or N523 million made in the previous year.

Managing Director/Chief Executive Officer of the company, Mr. Emeka Ndu, at the company's investors forum, however said that the company was under going restructuring in terms of human and capital infrastructure.

He stated further that the company is committed to providing excellent after-sales services in order to meet the marginal needs of its customers.

He pointed out that the leasing sector in the country, was still largely unregulated, adding that there is still little or no barrier for the entry or exit in the industry.