Richard Pieris retail revenue up to Rs 20 bn

 Richard Pieris and Company retail sector revenue has gone up by 7% to Rs. 20 billion in the nine months to December. The profits grew 9% to Rs. 1.4 billion. The company also showed a performance in both the Financial Services and Plantation sectors.

However the overall profits of the company fell back by 4% to Rs.809.8 million. This was mainly due to drop in rubber and plastic exports.

Revenue in the quarter grew 7 percent to 13.6 billion rupees, cost of sales increased 9 percent to 10.2 billion rupees, leading to flat growth in gross profits to 3.4 billion rupees. The group reported a gain of 30 million rupees from the sale of financial assets in the quarter, compared to a 2 billion rupee loss a year earlier.