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Wednesday, November 10, 2010

Richard Pieris Group profit tops Rs 1.4 b

Reduces debt by Rs 1.4 billion:

Richard Pieris Group turnover for the six months ended September 2010 was Rs 12.7 billion resulting in a Group operating profit of Rs 1.4 billion and a profit before tax of Rs 1.1 billion.

The Group recorded a turnover of Rs 6.4 billion, and an operating profit of Rs 809 million for the three months ended September 30 2010, the company said in a press release.

During the last 12 months Group Debt levels reduced by Rs 1.4 billion to Rs 4.3 billion by end September 2010 with finance costs reducing to Rs 347 million compared against Rs 594 million incurred in the corresponding period of the last year.

The Retail Sector continued its steady performance with a turnover of Rs 4.9 billion and an operating profit of Rs 344 million during the six months ended September 30.

Two large Arpico Super Centres are expected to be opened in Wattala and Kadawatha soon.

The Tyre Sector recorded a turnover of Rs 1.2 billion, a growth of 22 percent and an Operating Profit of Rs 125 million during the six months ended September 30, 2010.

The increase in natural rubber prices affected margins during the period under review.

The Plantations Sector had very successful results recording a turnover of Rs 3.7 billion and an Operating Profit of Rs 761 million during the six months ended 30th September 2010 reporting a healthy growth of 37 percent in turnover.

Tea prices which declined during the first quarter improved in August and the upward trend continued in September as well.

The rubber prices in the market remained strong in the second quarter in spite of the increase in production.

The Plastics Sector recorded a turnover of Rs 1.8 billion and an operating profit of Rs 184 million for the six months ended September 30, 2010.

The turnover was 40 percent higher than the corresponding period of the previous year and the operating profit increased by 65 percent compared to last year.

The Rubber Sector continued its poor performance during the second quarter recording a Turnover of Rs 1 billion and a marginal operating profit of Rs 15 million during the six months ended September 30, 2010.

source - www.dailynews.lk