Richard Pieris records Rs. 1.2 b PBT

The Richard Pieris Group ended its first half of the year with a strong performance. The Group reported a Profit before Tax of Rs.1.2 billion on a revenue of Rs.18 billion for the six months ended September 30, 2014.

A steady performance was recorded in all its major sectors where the reported profits represent business profits, and do not include any gains of a capital nature.

The Retail Sector of the Group comprises Arpico Super Centres and the network of Arpico outlets islandwide. The sector had a dynamic first six months with many activities. During the quarter under consideration it launched operations of five Arpico Daily outlets.

The company continued its focus on marketing activities with the popular 'Privilege family beach holiday' campaign for the fifth consecutive year. The novel 'Top tips' campaign, created a lot of excitement in the market, showing true commitment to customers. The 'Top tips' campaign was well received by all, as evidenced by the enthusiasm shown at the Super Centres.

The Plastics and Distribution Sector performed well during the first six months of 2014-15 where most of the business units performed better when compared with the corresponding period of the previous year.

Water tank sales continued to thrive with the newly introduced hybrid tanks being well accepted in the market. The prolonged drought in the southern part of the country also contributed to boost sales.