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Thursday, 11 August 2011 00:00 (Dailiy Mirror)
Computer and mobile phone vendor P C House PLC (PCH) yesterday said that the firm’s net profit rose 31 percent to Rs.58 million during the first quarter of the financial year 2012 against the same quarter of the previous year.
The revenue of the company passed Rs.1 billion during the period under consideration from Rs.806 million Year on Year.
However the basic Earnings per Share has come down marginally during the quarter to 25 cents from 26 cents.
Commenting on the first quarter results S. H. M. Rishan, Chairman of PCH stated, “Q1 has set the stage for the rest of this financial year and has laid the foundation for further growth. The reason for this amazing growth can be attributed to the rapid rate with which ICT has developed.
In the last year alone the ICT workforce of the nation doubled, and this kind of growth has been the driving force of PCH, powering growth in the traditional areas of our business as well as in BPO and solutions. It is for this reason that we have focused on developing this aspect of our operation as well which led us to offer ERP solutions through SAGE ACCPAC and Virtualization which will offer an edge to local and multinational corporates, an edge that we believe will be absolutely necessary as the corporate sector becomes more competitive.”
According to a press statement issued by the company these results can be attributed to the expansion of the PCH distribution network which expanded recently to Kegalle, Matale and Mullaitivu.
“In addition to this the range of products under the PCH name has consistently grown and diversified keeping them at the cutting edge of ICT retail. The company has also been implementing revolutionary strategies through effective management, automation and effective HR practices bringing out the best in the dedicated and hard working team at PCH, whilst contributing to the growth in all areas of business including corporate, regional and retail” the press note said.
The holding company of PC House, PCH Holdings and Rishan last week acquired the controlling stake of Orient Garments (OGL) for Rs.600 million and triggered a mandatory offer according to the Mergers and Acquisitions Act. The mandatory offer is given at Rs.28 per share although the consortium bought 51 percent of Orient Garments share Rs.21.50, as Rishan had been buying OGL at Rs.28 levels.
