PCH Q3 sets stage for strong end to 2012 financial year

Saturday, 11 February 2012 00:20 - - {{hitsCtrl.values.hits}}

PC House PLC, Sri Lanka’s leading ICT and solutions provider, posted strong third quarter figures (1 October to 31 December 2011), setting the stage for a grand finale to their financial year.

The Group posted a gross profit of Rs. 220 million, an increase of 15 per cent from their previous year’s Q3 results, allowing them to post a respectable net profit of Rs. 53 million.

The improvement in the PCH Groups’ financials for 2011 can be attributed to effective organisation-wide restructuring and the implementation of a new efficient cost control, resource management system being implemented within the company. Furthermore, in the last three quarters the Group expanded its nationwide branch network to 38, opening five new branches and upgrading the Kandy branch to a 9to9 IT retail store.

Commenting on the financial results of the PCH Group Chairman S.H.M Rishan said: “Although the financials for Q3 are impressive, we have made certain changes within the Group that will augur well for the group in the near future. However, this financial year has been an exciting journey for us at PCH which has opened us to new and exciting opportunities, and assured us that greater things are yet to come.”

The Group’s BOI approved subsidiary Procifinity Ltd., which specialises in handling the outsourcing needs of local and internationally-based enterprises also added to the Group turnover. Apart from their BPO service offerings like digitisation and contact centre solutions, the company now offers KPO solutions, from finance and accounting to marketing services.

In the past three quarters (April to December 2011) the PCH Group has achieved a revenue of Rs. 2.9 billion, an increase of 16 per cent from the same period in 2010 making an increase in gross profit of 21 per cent and net profit of 13 per cent respectively for the same period, thus highlighting stable quarterly growth and effective management while achieving targets and diversifying.

Meanwhile, the company PC House PLC posted a gross profit of Rs. 210 million in the third quarter, an increase of 15 per cent compared to the same period in 2010. Net profit also increased by a noteworthy 20 per cent compared to Q3 2010, bringing it to a respectable Rs. 64 million.

Net profit for the last three quarters (from April to December 2011) increased by a whopping 36 per cent compared with the same period, mainly due to new management and cost controlling systems implemented within the company. All of this has made it possible for PCH to offer their share holders more value and increasing net assets per share to 6.63 and the shareholders fund value to Rs. 1.5 billion an increase in 10 per cent from the previous year.