Printcare profits triple for nine months

Printcare PLC, increased its group profit before tax to Rs 203.5 million for the nine months ended December 31, 2010, from Rs 73.1 million for the same period a year ago, an increase of 178 percent.

Turnover increased by 20 percent to Rs 2.6 billion in 2010 compared to Rs 2.1 billion in the corresponding nine month period in 2009.

Sales were mainly driven by increased export turnover.

This growth, combined with the Group’s increase in market share in many of its segments, have helped triple Group profit after tax to Rs 160.9 million for the nine months ending December 31 from Rs 51.9 million for the same period a year ago.

“We see new growth opportunities, not just in our core business area and but also in adjacent segments. The new investments we are making in machinery over the next few months will bring cutting edge technology to the country and will ensure that we will continue to give our export and local customers a competitive advantage in their packaging. It will also continue to position Printcare as one of the leading providers of printing and packaging in the South Asian region,” Managing Director K R Ravindran said.