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09 April, 2015 08:01 AM Source: Financial Times - Sri Lanka
Director Board.jpg

Longstanding Dinal Peiris has resigned as the Chairman and Executive Director of ACME Printing and Packaging Plc, with senior business leader and Director Hemaka Amarasuriya taking over.
Dinal quits…
The company said Peiris resigned with effect from 2 April but gave no reasons for the move. He holds a 1.8% stake in the company.
Despite the resignation, Peiris will continue to be Managing Director at ACME parent Lanka Aluminium Industries Plc, where he joined as General Manager in December 1989, was appointed to the Board in 1990 and thereafter operated as Managing Director in May 1999.
He was appointed to the ACME Board in April 2001 and as Chairman on 1 July 2009. He is an engineer by profession with a B.S.c Eng. (Hons) from City University, England and an MBA from London Business School.
For the three months ended 31 December 2014, ACME reported a Rs. 155.5 million loss as against a loss of Rs. 17.6 million a year earlier.
The substantial loss incurred during the quarter was attributed mainly to a one-off VRS payment paid to retrench excess employees and a low production and sales due to the unsettled conditions that prevailed at the Piliyandala factory during this period.
Revenues were down 25% to Rs. 221 million. Gross loss was Rs. 21.5 million, as against a profit of Rs. 40.5 million in the third quarter of FY14.
Administrative expenses rose by 323% to Rs. 102 million and included Rs. 77 million paid for a Voluntary Retirement Scheme to retrench 85 employees. Loss from operations amounted to Rs. 128 million as against a profit of Rs. 14 million.

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