Encouraged by the buoyancy of the economy, Renuka Holdings PLC has recorded an impressive turnover and profit after taxation for the year ended March 31, 2011 as per the provisional financial statement released.
The group turnover grew 100 percent to Rs 2.95 billion compared to Rs 1.48 billion in the corresponding period last year.
Group profit after tax rose 159 percent to Rs 966 million of which Rs 732 million was attributable to shareholders of Renuka Holdings PLC, while company profit after tax increased to Rs 320.7 million compared to Rs 165 million in the corresponding year.
This significant increase has been achieved by contributions from all sectors. Total assets of the group increased to Rs 4.66 billion as at March 31, 2011.
In the operations review accompanying the provisional financial statements, Executive Director Shamindra Rajiyah said "the total overhead decreased by 19 percent in the period primarily due to decreases in selling and distribution cost and finance expenses.
Significant reductions in finance cost of 79 percent were achieved due to lower prevailing interest rates and better cash management across group companies."
"During this final quarter of 2010/2011, RHL acquired Shaw Wallace Marketing Ltd and in turn Shaw Wallace acquired several subsidiary companies.
source - www.dailynews.lk
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