Printcare delivers strong half year performance
View(s):Printcare PLC has delivered a strong half yearly performance with group revenues doubling to Rs. 6.8 billion from Rs 3.3 billion in the same period last year driven by sales growth of its innovative packaging material.
The group’s Consolidated Profit Before Taxes increased to Rs. 1.7 billion during the year despite a Rs. 240 million increase in interest expense, as a result of increased borrowing to fund the additional working capital at the dramatically higher interest rates.
“The performance of our company has been strong, buoyed by our exports, despite the most challenging environment the business has been forced to operate in, with the country’s political and economic situation making us very vulnerable in every sense,” a company statement said.
It added “the reputation of the country is badly tarnished and suppliers of raw material are not willing to accept bank letters of credit demanding instead full payment in advance, and on most occasions even before commencing production.”
If further noted that “our overseas buyers are starting to become wary of relying exclusively on Sri Lankan suppliers and all expansion plans they had with us are currently being reconsidered. It is imperative that the members who represent us in parliament place the needs of our
economy first and act in unison”.
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