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Tuesday, February 8, 2011

PCH profits up 99%

Customer demand for PC House PLC (now known as PCH) hardware and software significantly increased in the last quarter driving a 33 percent improvement in the company’s total revenue to Rs. 2.56 billion in the nine month period compared to the same period last year, the company announced yesterday (7) recording a 99 percent increase in net profits.

The group’s profit after tax increasing by 99 percent to Rs. 140.6 million in nine months which is an increase from Rs. 70.5 million in the previous year.

"This is indicative of the prevailing booming economic conditions having an overall positive impact in the country. PCH was able to leverage on its reach throughout the country as well as its long-standing well-established relations with its worldwide supplier base to provide their very rapidly expanding customer base with all their IT needs at very competitive prices," the company said.

S.H.M. Rishan, Chairman of PCH said, "We continue to strengthen our portfolio at an aggressive pace with the addition of our new products and ventures. This quarter’s results are a strong reflection of the progress we’ve made, and we remain much focused on delivering the best possible solutions and services to meet our customers’ needs."

Meanwhile, the company’s profits from operating activities increased 19 percent from Rs. 258.1 million to Rs. 307.2 million and PCH’s total operating expenses increased by 26 percent to Rs. 224.8 million during the same period. "This quantum of increase in expenses reflects the added overheads supporting the increased distribution network, which will be the launching pad for future expansion in sales, and hence a necessary outlay in the current year. In keeping with the President’s initiative to turn Hambantota into the next economic hub, PCH opened one more branch in that city bringing the total branches opened in this financial year to four with plans to open two more branches in Galle and Batticoloa in the 4th quarter," PCH said.

During the past quarter, the company achieved several other major milestones. The launch of the "PCH 9 to 9" IT supermarket is an innovative concept geared for IT shoppers who look for convenience and affordability. Also new to the company’s portfolio is the newest Mobile Telecom Division which introduced the dual SIM mobile brand "Karbonn Mobile" to Sri Lanka.

source - www.island.lk