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Thursday, August 11, 2011

PCH ups PAT to Rs 57.6m in 1Q

PC House PLC has opened its financial year with fabulous results setting the course for the year to come.
PCH group posted an impressive revenue of Rs 1'004.95 mn as opposed to Rs 806.56 mn in the first quarter of 2010 recording an increase of 24.6 percent.

Commenting on the first quarter results PCH Chairman S H M Rishan said the first quarter has set the stage for the rest of this financial year and has laid the foundation for further growth.

"The reason for this amazing growth can be attributed to the rapid rate with which ICT has developed," he said.

In comparison to the Group's Q1 results in 2010, the net profit performance in 2011 has increased by Rs 13.67 mn to Rs 57.69 mn, which is an increase of 31.07 percent. In addition, there has been significant growth in the profit with operational activities increasing by 16.23 percent to Rs 109.13 mn.

This significant increase in PCH profits is a clear indicator of the stability of the company, and the improved brand identity they have created over the recent years through consistent quality and service.

PCH profits were also a significant contributor to the outstanding profits posted by the Group, with revenue of Rs 969.55 mn, an increase of 35.7 percent from the 2010 Q1 results. The net profit of Rs 57.24 mn is indicative of an increase of a whopping 67.68 percent. PCH also posted a 36.6 percent increase in profits from operational activities contributing Rs 106.99 mn to the Company's declared final profits.
These remarkable results can be attributed to the expansion of the PCH distribution network which expanded recently to Kegalle, Matale and Mullaitivu.

Last year alone the ICT workforce of the nation doubled, and this kind of growth has been the driving force of PCH, powering growth in the traditional areas of our business as well as in BPO and solutions. It is for this reason that we have focused on developing this aspect of our operation as well which led us to offer ERP solutions through SAGE ACCPAC and Virtualization which will offer an edge to local and multinational corporates, an edge that we believe will be absolutely necessary as the corporate sector becomes more competitive," he said.

source - www.dailynews.lk