Backed by strong agriculture and livestock sector performances, CIC Holding’s net profit for the financial year ended March 31, 2011 rose 58 percent to Rs.929 million compared with the previous financial year.
For the fourth quarter (March) the firm has recorded a net profit of Rs.170 million, up 52 percent from the corresponding period of the previous year. The annual diluted Earnings Per Share (EPS) also increased to Rs.9.80 from Rs.6.22
The group revenue grew 27 percent during the year to Rs.21 billion from last year’s Rs.17 billion. The administrative costs during the year however increased 43 percent to Rs.1.6 billion. The agricultural and livestock operations of the group brought in Rs.14 billion in revenue against the last year’s Rs.12 billion, and an operating profit of Rs.1.2 billion. The other sector that showed significant increase in revenue during the year was consumer and pharmaceutical sector. This bought Rs.4 billion in revenue against last year’s Rs.3 billion.
The ‘other income’ component of the company had gone down significantly during the year under consideration to Rs.227 million from Rs.485 million, mainly due to the lack of government fund receipts.
During 2010, CIC Holdings had received Rs.250 million as government receipts. But in 2011, the funds received from the government showed zero.
The state-owned pension fund, Employee Provident Fund and Sri Lanka Insurance Corp. and new kid in the block, Perpetual Capital feature prominently among the top shareholders of the company.
source - www.dailymirror.lk
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