Reflecting the bouncy in Sri Lanka’s post war economy, Renuka Holdings PLC reported a surge in after tax profits, doubled turnover and a 79 percent drop in finance costs from lower interest rates in the company’s financial results for the year ended March 31, 2011.
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 being achieved by contributions from all sectors. Total assets of the group increased to Rs. 4.66 billion as at 31 March 2011, the company announced.
In the operations review accompanying the provisional financial statements, Executive Director Shamindra Rajiyah said, "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. Therefore, in line with our diversification, the business sectors of the group were re-classified. The Renuka Holdings group has 802 employees in 7 locations and we are currently implementing an enterprise resource planning platform across all our subsidiaries".
Renuka Holdings PLC is the holding company for subsidiaries engaged in the sectors of Agri Business (plantations, manufacturing, global marketing, forestry), Distribution (automotive, FMCG, foodservices), Investments, Leisure & Property and Management Services. Its subsidiaries are Coco Hotels & Properties Ltd, Renuka Agro Exports Ltd, Renuka Developments Ltd, Renuka Enterprises (Pvt.) Ltd and Shaw Wallace Marketing Ltd. Coco Lanka PLC, a listed investment trust and Renuka Agri Foods PLC, a listed food and beverage firm are among its group companies.
The group exports to 61 countries and among its portfolio of own brands are Renuka coconut products, Captain and Plaza canned mackerel, Angler canned tuna, Ranposha breakfast cereal, Rainers’s colourings and essences, Sun Gold instant drinks, Milk White soap, Pioneer tyres and Grip tubes. The group represents Delphi Lockheed USA, Dunlop India, Ajinomoto Japan, Super-Max UAE, among many other prestigious international names and has strategic investments in subsidiary companies from UK, Canadian, Jamaican and UAE partners.
The Board of Directors of Renuka Holdings PLC comprises Mrs. I. R. Rajiyah (Chairperson), Dr. S. R. Rajiyah, C. J. De. S. Amaratunge, L.M. Abeywickrama, S.V. Rajiyah, M. S. Dominic and T. K. Bandaranayake.
source - www.island.lk
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