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Saturday, February 12, 2011

EPF buys 5% of Richard Pieris

State owned pension fund, Employee Provident Fund (EPF), which started investing in the country's stock market aggressively following the end of the war, has acquired 4.8 percent of plantation rich Richard Pieris Group (RICH), according to the interim reports filed to the Stock Exchange for the nine months ended December 31, 2010

During the nine months under consideration EPF has purchased 93 million shares that represent 4.8 of the issued and paid up capital of the company. Before this purchase EPF didn't own shares in RICH.

Boosted by improved plantation and retail performances, RICH's nett profit rose 60 percent to Rs.641 million for the December quarter compared with the same period of the previous year. The Earnings per Share for the period was Rs.0.3.

When considered Quarter on Quarter, RICH's net profit was up by 48 percent to Rs.434 million.

Cumulative nett profit for the nine months ended December 31 also rose to Rs.1.35 billion from the same period last year, recording an Earnings Per Share of Rs.0.7.

Plantations has earned the company Rs.6.5 billion during the nine months against the Rs.5 billion during the same period last year while retail operations reported a gross turnover of Rs.8 billion, up from Rs.1 billion.

RICH recently launched its stockbroking subsidiary and announced its plans to re-enter the financial sector services again.

The company is also looking to venture into the leisure sector building up several hotels, including one city hotel. RICH is currently in a process of upgrading several bungalows in their plantations to transform them into boutique hotels.

source - www.dailymirror.lk