Browns Group turnover reaches Rs 2.6 billion

The Browns Group posted a turnover of Rs 2.6 Billion for the nine month period ending December 31, 2009. Group turnover recorded a 41 percent growth over the same period last year. The Group profit stood little over Rs. 808 million for the above period. A statement issued by the company said. “The company’s future direction is being charted both as a trading and manufacturing entity whilst also being a strategic investment vehicle with the intent of increasing share value to its stakeholders.”

Inline with this, the company has made several investments into both the financial and plantation sectors which they see as future revenue sources aligned to the Sunshine industries.

Brown and Company now holds over nine percent stake in both Seylan Bank PLC and Hatton National Bank PLC respectively.

The company has invested in Mathurata and Pussellawa Plantations through a strategic investment with Taprobane Holdings Ltd. together Pussellawa and Mathurata Plantations consist of 31 tea estates and nine rubber estates.

Further mini hydro projects, generating three Mega-Watts have been commissioned and several other projects are in the pipeline.

Browns and Company together with Lanka Orix Leasing Company Ltd. invested in Galoya Plantations, whose primary business is the production of sugar which has very high market potential since over 90 percent of the local requirement is currently imported.

The company intends to venture into ethanol production and power generation through this project. The Browns Group has also reached market leadership in seven segments that it operates in. The group holds 54 percent market share in motor vehicle batteries, 38 percent and 65 percent market share in two wheel and four wheel tractors, 53 percent in marine engines, 30 percent in the office automation segment, 43 percent in radiators and 42 percent in the power tool category.

The Browns Group said that it is confident that with the dawn of peace and the anticipated growth of both the agriculture and fisheries sectors the company will be in a position to take advantage of the above with its range or products and services.

The Board of Brown and Company consists of Chairperson Rohini Nanayakkara, Deputy Chairman Ajith Devasurendra, Group CEO/MD, Murali Prakash, Director Vijaya Malalasekera, Director Shanker Somasunderam, Director Ishara Nanayakkara and Director Rajanayagam Asirwatham.