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| Friday, 14 November 2003 |
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Richard Pieris Group turnover improves 18% to Rs. 2,405m in six months Richard Pieris' results for the half year ended September 30, 2003 shows that the Group is regaining its momentum after recording flat earnings last year. Group turnover for the half year improved by 18% to Rs. 2,405 million whilst net earnings improved by 57% to Rs. 107.2 million during the half year. Improved domestic demand pushed up revenue in the Group's retail business to record a significant gain in earnings in the Domestic Sector. Slackness in the export market together with an over 50% increase in rubber prices affected the Group's performance in the export sector. Income from associates companies i.e. Dipped Products, Asia Capital and RPK Management Services Limited for the half year has more than doubled as against the corresponding period of the previous year. The fall in interest rates contributed in the significant drop in finance costs during the period under review. The first half results signals the success of the Group's new corporate strategy of rationalisation of Group's operations and reallocation of resources to growth activities. The Group expects to continue this growth momentum into the third and fourth quarters as well. The new Food Court will be launched at its Hyde Park Corner Property next month and is expected to further boost retail sector revenue. Improved results are anticipated for the export sector following an improvement in the order position. A new mattress manufacturing plant and a tyre rebuilding factory is being set up and will commence operations in January 2003. The increasing rubber prices continue to remain a concern. Following a reassessment of its investment portfolios the Group disposed of its investment in Asia Capital. The capital gain of approximately Rs. 150 million arising from the transaction will be reflected in the third quarter results following these positive developments the Group is poised to end the financial year 2003/04 with a record profit. |
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