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Taprobane Group achieves turnaround

Taprobane Group achieves turnaround

Concludes 2016/17 on a positive note compared to losses incurred in 2015/16
Lanka Century Investment Plc biggest contributor

Taprobane Holdings Plc (TAP Group), a leading multidiscipline diversified conglomerate in Sri Lanka, said yesterday it has recorded impressive growth in both top line and bottom line as per the annual financial results released to the Colombo Stock Exchange.

TAP Group posted an annual profit before tax of Rs. 135 million for the financial year 2016/17 when compared to a loss of Rs. 1.85 billion for the year 2015/16 and profit after tax of Rs. 116 million when compared to the loss of Rs. 2.02 billion in the previous year (2015/16).

The group’s revenue for the year reported was Rs. 10,900 million, recording a 14% growth when compared to the corresponding 01-F4period of last year. The total comprehensive income for the said financial year is recorded at Rs. 218 million when compared to the Rs. 1.45 billion loss incurred during the last financial year.

The financial year 2016/17 has been an exciting year for the TAP Group with all its subsidiaries recording profits. The highest contributor to the total comprehensive income was from Lanka Century Investments Plc (LCI), contributing a total comprehensive income of Rs. 478.5 million at the subsidiary level.

Financial year 2016/17 also reaped the benefits of the major transformation project which included restructuring and re-strategising of the group to be a medium-sized, diversified conglomerate.

The LCI subsidiaries include local manufacturing organisations with an international reputation for quality exports such as South Asia Textiles Industries Lanka Ltd. (a leading manufacturer of exceptional quality weft knitted fabric. The company also specialises in knitting, dyeing, finishing, printing, brushing, sueding and anti-pin micro/polar fleece fabric for leading global brands such as Victoria Secret, Next, Marks & Spencer, Tesco, Calvin Klein, Decathlon and Adidas), Dankotuwa Porcelain Plc and Royal Fernwood Porcelain Ltd. (manufacturers of porcelain tablewear and gift items. The company continues to have the pleasure of manufacturing customised products for global giants such as Oneida, Macy’s, Country Road, Lenox, John Lewis, Crate & Barrel, Megros, Jasanmal, Ralph Lauren, the Walt Disney Company and Dilmah), Ceylon Leather Products Plc (manufacturer of leather footwear and accessories) and Colombo City Holdings Plc (real estate).

The change of ownership and guidance from two corporate giants – the Galle Face Hotel Group and Hirdaramani Group together with entrepreneur and investor Ajith Devasurendra, along with the appointment of top corporate personality and renowned industry veteran Murali Prakash as the group’s Managing Director/Chief Executive Officer, proved to be the right formula resulting in this exceptional outcome.

During the current year (2017/2018), the group is keen on continuing this positive trend and achieving exponential growth. Plans are underway to further revamp and re-strategise with a future-oriented growth strategy with the objective of building and nurturing a profitable and sustainable diversified conglomerate that gives the shareholders a positive return on their investment.

The Taprobane Holdings Plc Board of Directors comprises eminent personalities Sanjeev Gardiner - Chairman/Non-Independent Non-Executive Director, Ajith Devasurendra - Deputy Chairman/Non-Independent, Non-Executive Director, Murali Prakash - Group Managing Director/Chief Executive Officer, Priyantha Fernando - Independent Non-Executive Director, Harsha Amarasekera P.C - Non-Independent Non-Executive Director, Ranil Pathirana - Non-Independent Non-Executive Director, Sarinda Unamboowe - Independent Non-Executive Director and Desamanya Deva Rodrigo - Independent Non-Executive Director.(FT)

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