Kathmandu. An error has been found in the financial statements of small farmers development microfinance institution for the third quarter of the current fiscal year.
The error was found in the financial statements made public by the organization about 10 years ago. Issuing a notice today, the organization said that the errors seen in profit to interest income have been corrected.
The organization had published the financial statements of the current fiscal year till April 15. In this, the organization earned a profit of Rs 545 million. Today, the organization has made a profit of Only Rs 27.2 million. The company had posted a net profit of Rs 534.5 million in the same period of the previous fiscal year. In this way, the company’s profit has shrunk by 94.90 percent. While according to the financial statement published on May 29, the profit of the organization increased by 1.96 percent.
Similarly, in the financial statement published on May 29, the organization had shown operating profit of Rs 791.7 million. Today, the organization has said that it has an operating profit of only Rs 38.9 million. In the same period last year, the company’s operating profit stood at Rs 534.5 million. The operating profit of the company has also decreased by 95.33 percent compared to the previous year.
According to the financial statement published 10 years ago, the company had earned a net interest income of Rs 1.39 billion till the third quarter. Today, the organization has earned only Rs 425.2 million in interest income.
In the same period last year, the company had earned Rs 1.57 billion in interest income. In this way, the interest income of the organization has also decreased by 72.92 percent compared to the previous year.
Although most of the indices declined, the financial statement indicators published on May 29 were shown to be strong. It has become a matter of public concern as to how regulatory bodies view the correcting of the faulty indicator after 10 days.
