By Keishara Perera
Richard Pieris and Company PLC (RICH) recorded a 1% growth in net profit to Rs. 335 million during the 3 months ended 31st March 2011, in comparison to a net profit of Rs. 330 million for the period in 2010.
Finance cost for the 4th quarter increased from Rs. 202 million in 2010 to Rs. 276 million this year, indicating a hike of 36%. There was no variance in Earnings Per Share which remained at Rs. 0.17 during the last quarters of both 2010 and 2011.
Meanwhile, RICH recorded a 190% increase in net profit for the financial year ended 31st March 2011. The net profit for the year in consideration stood at Rs. 1.6 billion compared to Rs. 580 million a year before.
Finance cost for the 12 months ended 31st March 2011 indicated a variance of -18% resulting in a cost reduction from Rs. 969 million in 2010 to Rs. 795 million in 2011.
Furthermore, the consolidated income statement indicated a sharp increase in the quarterly effective tax rate during the 4th quarter from Rs. 100 million in 2010 to Rs. 194 million in 2011, resulting in a change of 93%.
According to the report, the plantation segment was the biggest contributor to operating profit growth. The sector recorded a Rs. 2 billion operating profit during the financial year 2011, in comparison to Rs. 822 million during the previous financial year.
The Retail segment was the next largest contributor in terms of operating profit growth increasing from Rs. 515 million in 2010 to Rs. 828 million for the financial year in consideration, while the Plastic segment’s contribution was up from Rs. 321 million to Rs. 460 million in 2011.
source - www.dailymirror.lk
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