PCH starts FY12 with strong 1Q performance

• Group’s revenue tops Rs. 1 b mark up 24.6% net profit after tax up by 31% to Rs. 57.6m.
• Company’s revenue up by 35.7% to 969.5m; net profit after tax up by 67.7%.
• Profit from operating activities contributing to 10.86% of Group Revenue.

PC House Plc said in a statement yesterday that it has opened 2011/12 financial year with fabulous results setting the course for the year to come.

The PCH Group posted an impressive revenue of Rs. 1,004.95 mn as opposed to Rs. 806.56 mn in the first quarter of 2010 recording an increase of 24.6%.

Commenting on the first quarter results Chairman S. H. M. Rishan stated, "Q1 has set the stage for the rest of this financial year and has laid the foundation for further growth. The reason for this amazing growth can be attributed to the rapid rate with which ICT has developed. In the last year alone the ICT workforce of the nation doubled, and this kind of growth has been the driving force of PCH, powering growth in the traditional areas of our business as well as in BPO and solutions. It is for this reason that we have focused on developing this aspect of our operation as well which led us to offer ERP solutions through SAGE ACCPAC and Virtualisation which will offer an edge to local and multinational corporates, an edge that we believe will be absolutely necessary as the corporate sector becomes more competitive.”

In comparison to the Group’s Q1 results in 2010, the Net Profit performance in 2011 has increased by Rs. 13.67 mn to a whopping Rs. 57.69 mn, which is an increase of 31.07%. In addition, there has been significant growth in the profit with operational activities increasing by 16.23% to Rs. 109.13 mn. This significant increase in PCH profits is a clear indicator of the stability of the company, and the improved brand identity they have created over the recent years through consistent quality and service.

PCH profits were also a significant contributor to the outstanding profits posted by the Group, with revenue of Rs. 969.55 mn, an increase of 35.7% from the 2010 Q1 results. The Net Profit of Rs. 57.24 mn is indicative of an increase of a whopping 67.68%. PCH also posted a 36.6% increase in profits from operational activities contributing Rs. 106.99 mn to the company’s declared final profits.

These remarkable results can be attributed to the expansion of the PCH distribution network which expanded recently to Kegalle, Matale and Mullaitivu. In addition to this the range of products under the PCH name has consistently grown and diversified keeping them at the cutting edge of ICT retail. The company has also been implementing revolutionary strategies through effective management, automation and effective HR practices bringing out the best in the dedicated and hard working team at PCH, whilst contributing to the growth in all areas of business including corporate, regional and retail.

Rishan further stated, “Over the years, we, at PCH have grown from strength to strength and have sought to be a driving force that spearheads the growth of ICT in Sri Lanka. Seeing profits such as these in such an incredibly competitive market has only further assured us that the path we have taken in recent times is absolutely spot-on and we will continue to expand in the areas of distribution, and solutions development while diversifying and being the benchmark in ICT.”

The Board of Directors of PC House consists of S.H.M. Rishan, Mangala Boyagoda, Sarath Wikramanayake, ModarageThilakasiri, Shanti Kumar Nadarajah, Kuvera de Zoysa and Sharmila Rishan.