Sierra Cables signs joint venture agreement with T&G Electricals, Norway

Sierra Cables has signed a joint venture agreement with T&G Electricals, Norway, the company said in a Stock Exchange filling.

T&G Electricals is a leading supplier of electrical and fibre optic connectors, cables, cable systems and harnesses. Sierra Cables and T&G Electricals are partners of T&G Lanka Ltd., a Board of Investment company which manufactures and exports fibre optical cables.

Sierra Cables saw revenue increase 54% to Rs. 500 million in the June quarter of 2011 as profits increased 218% over the same quarter last year to Rs. 48 million.

This followed a loss of Rs. 15 million in the year ended March 2011, an 86% decline. Revenue in the year ending March 2011 increased 44% to Rs. 1.4 billion.