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09 February, 2016 08:48 AM Source: Financial Times - Sri Lanka
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CIC Holdings Plc continues to record healthy growth, with a 63% increase in Group profit after tax to Rs. 1.34 billion in the first nine months to December 2015 over the corresponding period of last year. Profit attributable to equity holders rose by 87% to Rs. 1.12 billion.

Group revenue in the nine months topped the Rs. 20 billion milestone, up by 15%. In the third quarter it grew by 14.5% to Rs. 7.45 billion.

Consolidated pre-tax profit in 3Q was 30% to Rs. 690 million and after tax grew by 69% to Rs. 591 million.  CIC’sbottom line in 3Q 01-01saw a 114% growth to Rs. 561.6 million.

Chairman Harsha Amarasekera said the improved performance had been helped by increases in revenues and enhanced margins, lower funding costs and a one-time net gain from the sale of the Chemifix brand (sold the business for Rs. 345 million to Pidilite Lanka Ltd in November) along with expansion of CIC Godagama manufacturing facility.

He emphasised that all key segments except construction recorded both revenues and operating profits.

At Company level, after tax profit rose by 73% to Rs. 563 million for nine months. Higher revenues and cost controls were among key contributors to Company level performance.

The Agriculture and Livestock sector achieved an operating profit of Rs. 1.07 billion in nine months, up by 23%. The Feeds business continued to do well and the sector is expected to continue to see strong growth over the long run with the contribution of two new projects.

CIC has commenced work on the corn project aimed at supplying the local feed industry. The work on a $ 6 million joint venture for the cultivation and export of vegetables of higher value and quality is also to start shortly.

- See more at: http://www.ft.lk/article/524077/CIC-Holdings-nearly-doubles-9-month-bottom-line-to-Rs--1-12-b#sthash.Yf5ZIyeg.dpuf

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