Financial Times

RPC Group profits up 322 % in 6 months to Sept 2008


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.”

Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
Another CPC scam exposed
CB on alert on Ceylinco Group’s other finance Cos.
Asoka, Anil to oversee Union Bank affairs
New measures from CB to tackle impending forex crisis
Treasury Secy says followed SC order
Taking CIMA to court
Golden Key: System and investors to blame
Heading off a financial crisis - Comment
Banks in turbulent times - Where are they heading?
Fraud dominates year of mixed fortunes - 2008 Biz Round Up
Microsoft supports education with Innovative Teachers Competition
Gold Medal for ‘Lion’ at World Beer Championship
Ceylinco Finance and Asian Finance merger will help both firms
RPC Group profits up 322 % in 6 months to Sept 2008
Plantations: Facing up to falling prices
Informal sector to grow with recession, increasing income insecurity - ILO
New Year at the Trans Asia ‘Dream Party’
Cinnamon growers turn to ‘God’ to help overcome crisis
Finance companies unlikely to be affected
Famed Sunil Shantha's son setting trends in the US in different sphere


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution