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Richard Pieris Exports PLC one of the premier exporters of rubber products in Sri Lanka is facing serious loss of revenue and facing doubt about future survival due to following reasons.
- Loss of Competitiveness due to non adaptability.
- Internal financial mismanagment and lack of financing.
- Falling Revenues due to depreciation of USD earnings
World Rubber Prices on the decline
Rubber prices decreased 0.60 US Cents/kg or 0.38% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Rubber is expected to trade at 153.67 US Cents/kg by the end of this quarter. Historically, Rubber reached an all time high of 526.40 in February of 2011.
Internal Management issues
Richard Pieris Exports have suffered tremendously during last financial year due to to incapacity of the company to finance export orders and inability to compete with the competitors. Export of the company also has suffered due to to financial mismanagement according to reliable sources.
Companies latest reported earnings shows the lacklustre performance of the rubber export revenue as indicated below:
Falling Revenues due to to USD Depreciation
Richard Pieris Exports invoice all its export orders in US dollar terms and company is likely to get affected by the falling USD. LKR/USD Exchange rate has fallen more than 10% during last one month from LKR 331/= levels to current LKR 311/=. According to to sources LKR/USD rate is expected to fall below LKR 280/= level. This is expected have a serious impact on the future earning and ultimate survival of Richard Pieris Export PLC.
Corporate Performance
As per the latest financial reporting of Richard Pieris Exports PLC filed with the Colombo Stock Exchange, the Earning of the company has suffered during last 12 months.
Latest Accounts: https://cdn.cse.lk/cmt/upload_report_file/771_1707996295121.pdf
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