Kotmale Holdings declares dividend

The Kotmale Holdings PLC record profit after tax of Rs. 63.52 million in the financial year 2008/09 as against the Rs. 4.93 million for the 15 month period ended March 31, 2008, attributes its current financial success to the focused strategic initiatives adopted by the company.

The company also declared a dividend on the back of strong financial results this year.

In the backdrop of this 577 percent growth rate of profit before tax, the company declared a very impressive interim dividend of Rs. two per share to its shareholders for the financial year ending March 31, 2010.

This is the first time a dividend has been declared under the Kotmale Holdings name. "We have been re-investing our profits in the past, back into the business.

With very impressive results shown in the last financial year and promising years ahead, we wanted to reward our valued shareholders," a company source said.

The unprecedented profit which the Company achieved in 2008/09, was reached mainly due to various structural changes and efficient management of the product mix, according to the source.

Kotmale Holdings PLC CEO Jude Fernando said "in the recent past we have seen an accelerated growth in this company. We have seen what hard work and great team work can achieve."

He said that the strategic direction and encouragement given by the board to make crucial decisions, also helped in fortifying the bottom line."

The company's turnover for 2008/09 was approximately Rs. 1.35 billion with a debt to equity ratio of 0.05 and a net asset per share of Rs. 16.93.