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Tuesday, November 16, 2010

Ceylon Leather operating profits up 487%

Ceylon Leather Products PLC (CLP), synonymous with DI Leather, recorded a 487 percent increase in net operating profits during the first half of the current financial year.

According to figures released to the Colombo Stock Exchange by the company, the group revenue for the six months ended 30 September 2010 was Rs. 552 million compared to Rs. 252 million for the first half of year 2009/10, an increase of 119% over the corresponding period.

During the period under review, CLP’s Profit after Tax grew to Rs. 70.4 million, compared to the profit of Rs. 9.2 million during the corresponding period in the year 2009/10. This, when excluding the profit on sale of investments amounting to Rs.16.4 million, reflects a 487 percent growth over the previous year, on Net Operating Profit.

Established in 1939, and then converted in to a State Corporation and later to a public limited company, Ceylon Leather Products PLC is presently Sri Lanka’s only Foot Wear & Leather Products Company listed on the Colombo Stock Exchange.

"We are on a winning streak, and the company has done well during the first half of 2010/11 due to ERI’s strategic vision for CLPL, management expertise and financial discipline" said Sitendra Senaratne-Managing Director of Ceylon Leather Products PLC. "We are pleased that the Government has taken the necessary steps to protect the local footwear and leather products industries by introducing Import Tax and CESS on all imports of footwear and leather products. Furthermore, the Government’s policy decision to exempt duty on import of machinery and chemicals used in the manufacture of footwear and leather products will no doubt be an incentive which will encourage the expansion and growth of the footwear and leather products industries in Sri Lanka" he continued.

Environmental Resources Investment PLC (ERI) is the holding company of CLP which holds 71.29 percent of the issued shares of the Company. With its promise of "Making it Work", ERI’s involvement in the Company enhanced CLP’s access to foreign expertise, business opportunities, and has strengthened the overall management capabilities including effective financial controls.

The Board of Directors of CLP comprises Messrs Lalith Heengama (Chairman), Sitendra Senaratne (Managing Director/ CEO), Kosala Heengama (Dr.), Gregory S. Newsome, Kapila Dodamgoda, H. B. Dissanayake, and Gamini S. Munasinge.

source - www.island.lk

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