Richard Pieris Group Posts Rs 2b PBT

The Richard Pieris Group ended its first nine month's with a Group revenue of Rs 28 billion and a Group PBT of Rs. 2 billion. It evidenced a steady performance in most of 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 across the island. The sector had a dynamic first nine months and as usual was busy during the festive season with many promotional activities.

The 'Top Tips' campaign continued to maintain its popularity among customers. A vibrant 'Win the world this Christmas' seasonal campaign was well received by shoppers where air tickets were offered to many a destination around the world.

The plastics and distribution sector had a successful performance reporting growth in terms of revenue and profits when compared with the corresponding period of the previous year. The newly introduced hybrid water tanks continued to be a success in the market place.

The introduction of a five-layer mattress and its promotional campaign was popular and perceived by customers as an innovative product. The seasonal campaigns continued in the plastics and distribution sector with many complimentary offers and discounts.

The Plantation Sector of the Group faced many challenges with adverse weather and low prices.

The Richard Pieris Group has three of the largest plantation companies in the country with diverse crops which includes high grown, mid grown and low grown tea, rubber, oil palm, coconut, cinnamon, cardamom, rambutan and other crops contributing to more than 15% of the Group turnover.

The Plantation Sector was adversely affected by low prices and production volumes.

There was an increase in the price of oil palm but there was a decrease in production. Even Tea production decreased compared with the previous year.