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Arpico to shove losing entities



World’s largest Maritime Campus Dalian Maritime University signed an MoU with Colombo International CINEC Maritime Campus in Millennium Drive IT Park in Malabe on Tuesday. Prof Wqng Zuwen examining the bridge stimulation. President CINEC Maritime Campus, Captain Asitha Wijesekera and Dean of the Faculty Captain Nalaka Jayakody look on. Picture by Saliya Rupasinghe

Richard Pieris and Company Limited (RPCL) is looking to move out from certain business entities, that are not performing well, due to the tough market conditions prevailing in the country, Director/ Chief Operating Officer Pravir D Samarasinghe said.

“We are looking at some areas that are not performing well and also entities that are continuously making losses for the company,” Samarasinghe told the Daily News Business.

The company’s, main driving areas are retail and plantation sectors while the rubber sector exports from is facing a lot of challenges due to the high cost of raw materials. The total turnover form rubber exports is more than Rs 3 billion,” Samarasinghe said.

Recently, the company has also moved out from the media business and the real estate business, due to the shrinking of profits and profitability and due to other reasons. This was due to the escalation of cost of expenditure prompted them to focus on core business areas, which are yielding profits to the company, he said.

The rubber export business going through major challenge, which has almost affected the profitability of the company’s total group turnover. Under these circumstances, RPCL is focusing on higher export markets with more increse in North the American, European and certain other Australian regions, he said.

The company is also focusing on lucrative markets and therefore they are now more choosy in selecting markets, which are customer based to increase the profitability of the company.

Further, Richard Pieris company investing in the Research and Development (R and D) while improving internal processes to reduce unnecessary cost to enhance the profitability of the company, he said.

Speaking on their core business areas he said that, retail and plantation sectors are growing very well and the company is intending to invest more on those areas in the future. But escalating energy cost and other charges impacted the long- term profitability of the company, Samarasinghe said.

Richard Pieris and Company is one of the largest and most successful diversified business conglomerates based in Sri Lanka. Being one of the oldest companies with a 75 year old history, it is also one of the largest employment provider in the private sector in the country.

The group enjoys of its local market leadership in its traditional sectors of Rubber, Tyres, plastics and retail and distribution. In addition the Group has in recent times ventures into Plantations, Financial services and logistics.

 

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