The Richard Pieris Group says it recorded an “exceptionally impressive” growth of 322% more than the previous year in the six months ending on 30th September 2008.
The group in a press release says it’s profit growth of Rs. 567 million was ‘commendable as it was achieved in spite of the economic factors that affected the buying power of consumers, escalating prices of oil and raw material that challenged most other companies.’ This growth included a gain on the disposal of land amounting to Rs. 213 million in the first quarter.
The Group’s turnover during the six month period was Rs 11.5 billion – an increase of 21% and the operating profit was Rs. 1.4 billion, an increase of 44% - compared to the same period in the previous year.
Dr. Sena Yaddehige, Chairman said in his annual review: “The group will concentrate on our core business operations that pivot on rubber, retail, tyre, plantations and restructure or exit from marginal businesses with limited potential. Reduction of interest costs through effective working capital management and controlling of overheads are key challenges faced by the group in these trying circumstances.”