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| Friday, 4 February 2005 |
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DCSL records profit of Rs. 1.79 b. by Ramani Kangaraarachchi The Distilleries Company of Sri Lanka (DCSL) has recorded a turnover of Rs. 18.8 billion and a post tax profit of Rs. 1.79 billion in 2004. The Sri Lanka Insurance Corporation Ltd which recently joined the group has made a significant change in the profit and loss account of the company. Aitken Spence and Co Ltd has recorded impressive results due to the hotels and power sectors contributing significant increases in profits. Chairman DCSL V.P. Vittachchi said at the AGM held at the BMICH in Colombo recently... that the company has grown to be one of the largest groups in the country as a result of diversification into many fields. Since 1992, it has diversified extensively and has ventured into plantations ,insurance and financial services and fabric processing. The company's strategic investment in Aitken Spence has given it an exposure to travel and tourism, cargo logistics and power generation in addition to several other manufacturing and services sectors, he said. The beverage sector is still the mainstay of the group, although the company shifted its position from the cheapest liquor producer to the most expensive in the locally manufacturing sector. But the policy makers have failed to appreciate the nitty-gritty of an industry that contributes almost 10 per cent of the states' revenue. he said. The plantation sector continued to be the most challenging in the current financial year as in the past and made an output of 303.23 million kgs of tea in 2003 despite adverse conditions such as floods and Iraq war. In the rubber sector, although the volume declined, the increased prices for rubber had a positive impact on the financial performance. Balangoda Plantations recorded a profit of Rs. 20.9 million compared to a loss of Rs 5.7 million in 2002 Madulsima Plantations recorded a loss of Rs 68.6 million compared to a loss of 35.3 million in 2002. The tea production had been adversely affected by drop in rainfall, loss of man-days and, strikes according to Vittachchi. In the manufacturing sector, Texpro Industries Ltd has recorded a profit of Rs 10 million compared to the losses made in the past. This company is one of the few geared to produce the fabric requirements of the garment trade and is competing on quality and price with the overseas suppliers. Under the Financial Services sector, the Sri Lanka Insurance Corporation has made a profit of Rs. 495 million during the period under the group management, he said. |
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