CIC Holdings records impressive Q3 results
View(s):CIC Holdings PLC continued its momentum of growth in the third quarter of the FY 2014/2015 ending 31 December 2014 with both the company and group turnover rising by 19.77 per cent and 7.86 per cent, respectively to Rs. 5.3 billion and Rs. 17.7 billion.Key contributors to the company’s revenue growth were the consumer and healthcare segment and the crop solutions segment. The consumer and healthcare segment and the agriculture and livestock segment were the main contributors to group turnover, according to a company statement.CIC Holdings also recorded an impressive increase in profits in Q3 of 2014/2015, with Profit After Tax (PAT) for the company recorded at Rs. 326 million against a negative Rs. 453 million last year. PAT for the group was Rs. 820 million versus a negative Rs. 395 million last year.
The increase in company and group profits have largely been attributed to an increase in revenue along with the group’s ongoing effort to control costs and spending across all CIC business units, the statement said.
Profits in consumer and healthcare, packaging and agriculture and livestock increased by 352 per cent, 51 per cent and 29 per cent, respectively.
CIC’s Managing Director/CEO, S. P. S. Ranatunga commenting on the group’s performance for Q3 of the FY 2014/2015 said, “Both company and group profits and revenue have increased significantly and we are well poised to meet our annual financial targets. As we look ahead to the future, we will continue to nurture life in all aspects of our business operations, in order to effectively support the wellbeing of our nation and the people of Sri Lanka. I am also confident that the policies put in place by the government, will help us work towards the common goal of further uplifting key industries and the country at large”.