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SRI LANKA'S RICHARD PIERIS CO. MAKES LOSS IN DECEMBER QUARTER.(Financial report)
COLOMBO, March 2 Asia Pulse - Sri Lanka's Richard Pieris and Company (RPC) said its December quarter loss rose 47 per cent or 87 million rupees to 271 million (US$2.4 million) from a year ago, with the collapse of global commodity prices.
RPC's turnover in the quarter had decreased by 14 per cent or 800 million rupees, to 5.1 billion, according to a stock exchange filing.
RPC's operating expenses have come down by 48 per cent during the December quarter.
Analysts said the firm's tea and rubber plantations units had been hurt by the sharp fall in prices towards the end of 2008.
"The collapse in tea and rubber prices in the December quarter have pulled down RPC's bottom lines severely," said Geeth Balasuriya of Acuity Stockbrokers.
"RPC's plantation companies have taken the hit."
However, for the first nine months RPC has made a recovery from losses during the same period last year, as profits have climbed by 191 per cent to 133 million rupees.
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Source: HighBeam Research, SRI LANKA'S RICHARD PIERIS CO. MAKES LOSS IN DECEMBER...