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| Sunday, 28 August 2005 |
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| News Business Features Editorial
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Richard Pieris records 47% growth in operating profits in 1Q, 2005 The Richard Pieris Group Turnover for the first quarter was Rs. 2,783 million, an increase of 31% over the corresponding period last year. The key contributors to growth were the Plastics, Retail and Plantation Sectors. The profit from Operations increased from Rs. 162 million to Rs. 238 million, an increase of 47% over the corresponding period. The improvement in Operating Profits is primarily the result of stronger performance from the Plastics, Retail and Services Sectors whilst the plantations continued to contribute significantly to Group Profits. The Rubber and Tyre Sectors performed below expectations. Profit from operations after finance costs recorded a 52% growth year on year notwithstanding an increase in Finance cost from Rs. 67 million to Rs. 94 million this year. The Group's profit before tax recorded an 11% increase over the corresponding period. |
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