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Richard Pieris records 9 months turnover of Rs 23 b

Group operating profit Rs 2.8 billion:

The Richard Pieris Group ended its first nine months with a strong growth of 95% in Operating Profits of all its sectors other than the plantation sector. The nine months ended 31st December 2011 evidenced a steady growth of the Group’s Retail, Plastic and Rubber Sectors and the Group is well poised to achieve its targets during the year with plans underway for an aggressive expansion of its large format super market retail outlets and diversification plans into the financial services sector.

The Group recorded a Turnover of Rs 8.6 bn and an Operating Profit of Rs 1 bn for the three months ended 31st December 2011.

The Turnover for the nine months ended December 2011 was Rs 23.5 billion resulting in a Group Operating Profit of Rs 2.8 billion and a Profit before Tax of Rs 2.3 billion.

During the last 12 months Group Debt levels were around Rs 4.4 billion and despite significant new investment the Group has managed its Debt levels without a significant increase and the overall Gearing Ratio which has reduced from 40% to 32% during this period and as at 31st December 2011 the Group Debt was Rs 3.6 billion.

The Retail Sector continued its steady performance with a turnover of Rs 10.4 billion and an operating profit of Rs1.2 billion during the nine months ended 31st December 2011.

The turnover of this segment grew by 30% when compared to the previous year with an increase of 90% in the Operating Profit which includes a part of the Capital Gain resulting from the Richard Pieris Distributor’s investment in (Group’s disposal of its associate undertaking) - Asian Alliance Insurance PLC.

During the period under review the sector opened yet another large format retail outlet in the town of Kalutara and two showrooms and is aggressively expanding its operations.

The festive season was very busy for the retail sector with many promotional activities carried out which were immensely popular with the patrons.

The Plastics Sector recorded a Turnover of Rs 3.6 billion and an Operating Profit of Rs 461 m for the nine months ended 31st December 2011.

The Turnover was 29% higher than the corresponding period of the previous year and the Operating Profit increased by 34% compared to last year. During the quarter the sector ventured into a new line of business with the commencement of manufacture and distribution of furniture to the domestic market with a focus on domestic and office furniture.

A new plant was set up for this purpose in Morentuduwa. Further market penetration was successfully carried out in water tank and mattress sales.

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