Browns Group turnover tops Rs. 3.8 b

Browns Group of Companies recorded a turnover of Rs. 3.8 billion which was an increase of Rs. 446 million or 13.3% as compared with the previous year, according to Chairman M.V. Theagarajah.

The Group recorded a gross profit of Rs. 873 Million as compared with Rs. 764 Million in the previous year, an increase of Rs. 109 Million or 14.2%.

The Group profit from operations was Rs. 294 Million, an increase of Rs. 109 Million over the previous year.

The income from Associates declined from Rs. 352 Million to Rs. 149 Million, a reduction of 58%.

The Group profit after income tax of Rs. 50.5 Million for the year was Rs. 230 Million as compared with the Group profit after income tax of Rs. 28 Million for the previous year of Rs. 325 Million, a decline of 29%.

The Company recorded a turnover of Rs. 3.3 Billion, an increase of Rs. 448 Million, or 15.8% over that achieved in 2003/04.

This year your Company after tax of Rs. 31.8 Million recorded its highest ever net profit of Rs. 103.1 Million which constitutes a growth of 955% against last year.

The tsunami affected last quarters earnings and also necessitated a loss provision of Rs. 30 Million out of profits for this year, he said.

The Company earnings per share for the year was Rs. 39.29 as compared with Rs. 3.72 for the previous year whilst that of the Group was Rs. 87.69 as compared with Rs. 123.58 for the previous year.

Deputy Chairman LOLC Ishara Nanayakkara purchased majority shares of Brown Group recently at a cost of Rs. 509 million.

Ms. Roshani Cooray, Stanley Wanigasekera and Lalith De Mel, resigned from the Board consequent to a change in ownership.