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07 June, 2013 07:53 AM Source: Financial Times - Sri Lanka

The Richard Pieris Group ended its performance in financial year 2012/13 reporting a Group revenue of Rs. 34.7 b with a steady profit before tax of Rs. 3 b. The reported profit for the year does not include any gains of a capital nature.

The Retail sector faced a challenging period of three months from January to March 2013 where consumer confidence was low and the adverse financial and operational effects of the implementation of VAT on retail businesses was evidenced. The company continued focusing heavily on managing overheads and inventory levels during the period under review as a result of above.

The period under review and the financial year 2012/13 was successful for the Plastics and Distribution sector of the Group. The sector reported the highest-ever sofa sales in the month of March 2013. The sector managed to maintain its sales on PVC fittings at a healthy level at a time there was a drop in the overall market due to adverse weather conditions.

The Plantation sector continued to enjoy healthy tea prices. The declining trend in rubber prices continued, which affected the turnover of the sector. There was a drop in the production of both tea and rubber crops when compared with the corresponding period of the previous year which is largely due to the harsh weather conditions which prevailed during the period under review.
There was an increase in the total production of tea and oil palm when compared with the fourth quarter of the previous year. More...

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