Tuesday, August 23, 2011

Sunil to step down as Dankotuwa MD

The Managing Director of Dankotuwa Porcelain PLC (DPL), Sunil Wijesinghe will be stepping down from the top position, as DPL is planning to recruit a CEO-Designate to run the tableware company.

Once a CEO-Designate is appointed, Wijesinhe is expected to gradually handover the responsibilities and only function as the Chairman of the company.

“I wanted to step down for a long time as I was operating both as the Managing Director and Chairman since July, 2005. But I couldn’t do it earlier because the company’s ownership went through a transition,” Wijesinghe told the Mirror Business.

When asked about the company’s much awaited turnaround following the acquisition of the majority control by Environmental Resources Investment PLC, Wijesinha noted that the expected turnaround will at least take about 3 years as the company is involved in one of the most complex businesses.

“Huge repositioning and restructuring process should be done to get to that turnaround point. However it won’t be easy as orders from US and European markets are on the decline due to the financial constraints,” he remarked.

The net loss of DPL widened to Rs.33 million in the first quarter of financial year 2012 from Rs.16 million in the same quarter previous year, the un-audited financial statements of the company showed.

The turnover of the firm also dropped 6 percent to Rs.269 million while the cost of sales during the period increased by 10 percent to Rs.248 million.

source - www.dailymirror.lk

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