Ceylon Leather on winning streak
Ceylon Leather Products PLC (CLP), synonymous with "DI Leather", has
recorded strong first half results with more than two fold increases in
its revenue and profitability.
|
CLPL Managing Director
Sitendra Senaratne |
According to figures released to the Colombo Stock Exchange by the
company, the group revenue for the six months ended September 30, 2010
was Rs 552 million compared to Rs 252 million for the first half of year
2009/10. This reflects an increase of 119 percent over the corresponding
period.
During the period under review, CLP's Profit after Tax grew to Rs
70.4 million, compared with the profit of Rs 9.2 million during the
corresponding period in the year 2009/10.
This, when excluding the profit on sale of investments amounting to
Rs 16.4 million, reflects a 487 percent growth over the previous year,
on Net Operating Profit.
"We are on a winning streak, and the company has done well during the
first half of 2010/11 due to ERI's strategic vision for CLPL, management
expertise and financial discipline," said Ceylon Leather Products PLC
Managing Director Sitendra Senaratne. "We are pleased that the
Government has taken the necessary steps to protect the local footwear
and leather products industries by introducing Import Tax and CESS on
all imports of footwear and leather products.
Furthermore, the Government's policy decision to exempt duty on
import of machinery and chemicals used in the manufacture of footwear
and leather products will no doubt be an incentive which will encourage
the expansion and growth of the footwear and leather products industries
in Sri Lanka," he said.
Environmental Resources Investment PLC (ERI), is the holding company
of CLP which holds 71.29 percent of the issued shares of the company. |
