Richard Pieris records Rs.7.2b turnover in 1Q

The Richard Pieris Group recorded a Turnover of Rs.7.2b during the 1st quarter of 2011/12, a growth of 15% percent when compared to the previous year. The Group’s Retail Sector continued to grow with the opening of new Super Centres islandwide which enabled a turnover growth of 27 percent and the Plastics Sector recorded a turnover growth of 29 percent. During the 1st quarter, the Group reported an Operating Profit of Rs.148m.

The results were affected due to a charge of Rs.627m consequent to a wage increase in the Plantation Sector in June 2011.

This comprised a gratuity provision of Rs.469m and wage arrears of Rs.158m which resulted the Group reporting a Profit Before Tax of Rs.3.4m.