Richard Pieris and Company records 17% increase in profit after tax

sustained performance : Richard Pieris and Company announced sustained performance when presenting its financial performance for April-December 2006 period with a gross profit and gross turnover increase of 23%.

The gross turnover for the period was Rs. 11.7 billion against last year Rs. 9.5 billion. Gross profit for the first 03 quarters of 2006/07 financial period was Rs. 2.3 billion giving a 23% positive variance.

Plantations, Retail, Plastic and Distribution sectors have continued to perform strongly, posting healthy profits during the third quarter.

A continuing strong performance from the Group’s Retial sector has contributed positively towards the financial results during the said period with a gross turnover growth of 27% and an operating profit growth of 32%.

As a result of the expansion strategy, during April-Dec 2006 retial sector has extended its showrooms to Ratnapura, Nugegoda, Kaduwela and Matugama. Opening of Arpico super store in Kiribathgoda and Punchi Borella is planned for the next quarter.

Further expansions in existing Super centres in Hyde Park Corner, Battaramulla, and Dehiweala are planned in the ensuing months.