Printcare nine months profits triple

Tuesday, 25 January 2011 00:22 -     - {{hitsCtrl.values.hits}}

Sri Lanka’s global player in the printing and packaging industry, Printcare Plc, increased its Group Profit before Tax to Rs. 203.5 million for the nine months ended 31 December 2010, from Rs. 73.1 million for the same period a year ago, an increase of 178%.

Turnover increased by 20% to Rs. 2.6 billion in 2010 compared to Rs. 2.1 billion in the corresponding 9 month period in 2009. Sales were mainly driven by increased export turnover. This growth, combined with the Group’s increase in market share in many of its segments, have helped triple Group Profit After Tax to Rs. 160.9 million for the nine months ending 31 December from Rs. 51.9 million for the same period a year ago.

“We see new growth opportunities, not just in our core business area and but also in adjacent segments. The new investments we are making in machinery over the next few months will bring cutting edge technology to the country and will ensure that we will continue to give our export and local customers a competitive advantage in their packaging. It will also continue to position Printcare as one of the leading providers of printing and packaging in the South Asian region,” Managing Director K.R. Ravindran said.

At the recently concluded National Business Excellence Awards conducted by the National Chamber of Commerce of Sri Lanka, Printcare received the Gold award for Excellence in Printing & Related Services for the third consecutive year, highlighting its leadership position in the country. The National Business Excellence Awards is designed to recognise the Business Organisations making a significant contribution to the socio-economic development of the country, through exemplary business practices.

Printcare continues to grow as its customers to strengthen their brands, grow their sales, and capture market share using Printcare’s high quality, innovative and reliable products and services.

The only printer selected as a Business Superbrand, Printcare is internationally known for being the global leader in the supply of tea bag packaging, supplying nearly all of the world’s most reputed tea brands, Printcare is now a diversified Group which is also involved in printing and packaging for the apparel and FMCG sectors, security printing for the Lotteries and Telecom industries, printing and binding for the publishing and education industry, and specialised digital media services.