Monday, 24 November 2014 00:28
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With political battle lines drawn following the announcement of key candidates for the presidential poll, the stand the private sector will take is being closely watched.
Though not many will come out in public, drawing first blood however on Saturday was Royal Ceramics Plc Managing Director Nimal Perera, who is also a high net worth investor.
During his address at the well-patronsied annual dinner dance of the company, Nimal, who has risen to be a business leader in his usual unconventional style, said with the crucial presidential election around the corner, continuity was key. The basis for his position was that the post-war environment has been beneficial for businesses.
Citing an example, he said Royal Ceramics has made a strong turnaround in the current financial year. He said Royal Ceramics had posted a Group pre-tax profit of Rs. 1.26 billion in the first half of FY15 up by 210% from a year earlier. The figure in the second quarter had nearly doubled to Rs. 864 million from the corresponding period of FY14. Apart from the improved business environment, the consolidation of Lanka Ceramics Group has been a key contributor as well.
Net profit attributable to ordinary shareholders of RCL was up 1,726% to Rs. 596.7 million in the first half, whilst it more tripled in the second quarter to Rs. 435.6 million. Group turnover grew by 21% to Rs. 10.6 billion in the first half whilst for 2Q it improved to Rs. 5.7 billion from Rs. 5.4 billion a year earlier. At Company level, RCL saw top line rise by 23% to Rs. 1.2 billion from 0.97 billion in the first half and to Rs. 704 million from Rs. 598 million in 2Q of FY14.
