Richard Pieris and Company PLC reported a 32% decrease in net profit of Rs.35.6 million for the nine months ended 31 December 2009 compared to a net profit of Rs.52.6 million for the corresponding period in 2008. According to the company’s interim financial statements released this week, revenue for the period under review increased by 11% to Rs.340 million but income statement shows a 98% decrease in other operating profit, down to Rs.4.5 million from Rs.213 million in 2008. The profit from operations also decreased by 32% to Rs.197 million.
The company did post increased profits for the three months ended 31 December 2009. The net profit for the period was Rs.30 million, up from a net loss of Rs.104.6 million fore the corresponding period in 2008.
According to the segmental results, operating profits for the Group in the retail, services and plantation sectors decreased while the rubber, tyre retreading and plastics and distribution sectors posted increased operating profits. |
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