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The CIC Group has recorded a turnover of Rs 5.87 billion for the nine months ended December 31, 2002, up from Rs 1.31 billion over the corresponding period in the previous year.

Releasing the nine months accounts, its Chairman, B R L Fernando said that the year 2002/2003 has been a good year for the Company realising the desired results from the reorganisation set in motion from 1998. The Group's pre-tax profit increased by 85% to Rs 560.9 million, while the profit after tax grew by 116% to Rs 389.5 million. The Chairman described these results as extremely satisfying as all of the Company's business units are now performing at planned levels and turning out the expected results.

In July 2002, CIC entered the Animal Feed business with the acquisition of the facilities of Nutrena (Pvt) Limited, a joint venture originally set up by Cargill Inc, USA and Bairaha Farms Limited. CIC who are currently market leaders in the Animal Health sector projected benefits from available synergies with this acquisition. Both businesses have performed as planned and added to turnover and post tax profits reported.

In the Coatings Sector CIC Paints have further strengthened their market position with a number of innovative products from ICI Paints Asia Pacific which has enabled the Company to turn out an improved performance in an otherwise stagnant market.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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