CIC Holdings continues growth momentum in 1Q, 2015/16

CIC Holdings PLC recorded an impressive group profit after tax (PAT) of Rs. 395.9 million for the first quarter of the financial year ending 2015/16. In Q1, profits increased by 94% from Rs. 204.4 million recorded in the corresponding period of the previous financial year. The group also recorded revenue of Rs. 6.51 billion, an increase of 15.6 % over the first quarter of the previous financial year. In Q1, profits attributable to equity holders, was Rs. 306.8 million and reflected an increase of 97% over the Rs.155.9 million earned the previous year.

CIC also reduced expenses in Q1 and the group's finance cost reduced due to the maximization of savings and the efficient use of borrowed funds. The company profit after tax (PAT) was Rs. 90.8 million, an increase of 4.2% over the Rs. 87.1 million achieved in the previous financial year. The dividend income included under other income was Rs. 14.8 million lower than the previous year, largely due to time delays. Chairman, CIC Holdings PLC, Harsha Amarasekera said, "In the first quarter of 2015/16, CIC continued its momentum of growth, and several sectors have performed above last year." The Agriculture and Livestock sector achieved an operating result of Rs. 473 million in the first quarter of 2015/16, an increase of 54% over the first quarter of the previous financial year. The increase in profitability is attributed to the performance of the agribusiness companies in the group, including the Dairy sector and CIC Feeds, which showed a notable improvement from the previous year.

The Industrial Raw Material sector had an operating result of Rs. 35 million in the first quarter of 2015/16, a marginal increase of 6% over the first quarter of the previous financial year.

The Packaging Industry recorded an operating result of Rs. 71 million in the first quarter of 2015/16, an increase of 42% over the first quarter of the previous financial year.