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Tuesday, August 31, 2010

Browns Group profits for the year grow by 178%

The Browns Group For the first time in its history posted a yearly profit before tax of Rs.1.268 Billion & a net profit of Rs 1.148 Billion for the period 2009/10 thus achieving yet another significant milestone. The growth in net profits over the same period last year stands at 178%.

The Group turnover reached Rs.8.95 Billion and net profit recorded Rs.1.15 Billion, a growth of 178% from last year. Group profit before tax for the year stood at Rs.1,148 Million.

Speaking on the above, Group Managing Director/CEO Mr Murali Prakash said "this is a significant achievement for the Group since it clearly validates our strategy adopted during the last couple of years". He further stated that these significant achievements would propel the organization to greater heights and we are now geared to deliver results of similar nature as we go forward."

At present the Browns Group hold the market leadership in seven segments it operates, namely vehicle batteries, two and four wheel tractors, marine engines, office automation equipment, radiators & power tools.

Chairperson of Brown & Company PLC, Mrs. Rohini Nanayakkara said, "The Browns Group today is not only a trading/manufacturing entity but a strategic investment vehicle that seeks as part of our corporate strategy, to identify & venture into Sunshine industries that are fast becoming the future of the national economy." The Browns Group has acquired a 10% stake in Seylan Bank PLC & Hatton National Bank PLC thus strengthening its presence in the financial sector.

In the Plantation sector The Group acquired Maturata & Pussellawa Plantations in collaboration with Taprobane Holdings & have made significant post-consolidation contribution to the bottom line. In keeping with avenues to maximize growth a company has also been formed to expand the mini-hydro projects within the 31 tea estates and 9 rubber estates belonging to the above plantations
The company continued to provide management input through the 49% stake held in Galoya plantations by the consortium (Brown & Company PLC and Lanka Orix Leasing Company PLC) as a part of the public private partnership initiated with the Government to revive the sugar industry. This strategic investment is well under way to become fully operational by 2011.

The Browns Group expansion strategy, based on not compromising the core values and building on the core competencies will continue.

The group will continue to invest in sunshine industries thus securing itself as a leading Sri Lankan Conglomerate whilst ensuring greater shareholder value to all its stakeholders.

The Browns Group Board consist of Mrs Rohini Nanayakkara (Chairperson), Mr Ajith Devesurendra (Deputy Chairman), Mr Murali Prakash (Group Managing Director/CEO), Mr I.C. Nanayakkara (Director) Mr Shanker Somasunderam (Director) , Mr R.N.Asirwatham (Director)

source - www.dailymirror.lk