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| Wednesday, 8 October 2003 |
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DCSL Group in Rs. 13.4b turnover, Rs. 803b net profit The Distilleries Company of Sri Lanka Ltd (DCSL) Group has achieved a turnover of Rs. 13.4 billion for the year ended March 31, 2003 with the post-tax profit of the Group at Rs. 803 million, which Chairman V.P. Vittachi describes as" due to greater economic activity as a consequence of the relatively peaceful atmosphere during the year. Vittachi has also expressed confidence that the Group will be able to surpass the billion rupee profit target in the year 2003/2004. He has described the Group's diversification process as one of the reasons for being one of the largest conglomerates in the country which has significant interests in several strategic sections of the economy. He has also described the acquisition of the 28 percent stake in Aitken Spence as being instrumental in the Group being exposed to various sectors of the economy. The liquor sector is still the largest in terms of revenue and profit earner to the Group. With the volatility of the profits in the other sectors, the liquor sector provides the consistency that any diversified conglomerate needs to face changing business climates, Vittachi has told in his Annual Report to shareholders. DCSL has reported an annual turnover of Rs. 11 billion and a post tax profit of Rs. 609 million during the period under review. The company has also paid Rs. 9 billion to the Government as taxes, an increase of 3 percent over the last year.The company has paid over Rs. 78 billion to the Government since 1992 , making it one of the ten largest corporate tax payers in Sri Lanka. During the year, Aitken Spence & Co. Ltd in which the DCSL Group has a 28.83 percent stake, reported a Rs. 7 billion turnover and a Rs. 676 million in post tax profits and the share of profits to the DCSL Group was Rs. 190 million. Vittachi has told shareholders that the acquisition of the 90 percent stake in Sri Lanka Insurance Corporation Ltd was also meant to diversify the profit centres, and also to extricate it from the over dependence on the liquor sector. He has stressed the need to revamp the entire insurance company to be market oriented financial service provider and that the Board of Directors was confident of investments made in the sector were recoverable. The company has declared the same 45 percent dividend as last year, despite the company being in a net debt position due to the SLICL purchase. The Board of Directors of Distilleries Company of Sri Lanka Ltd comprise: V.P. Vittachi ( Chairman), D.H.S. Jayawardene (Managing Director), R.K. Obeysekere, C.R. Jansz and A.N.D. Balasuriya. |
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