1H profits up 149% to Rs. 90.6 m at PCH

Friday, 5 November 2010 04:46 - - {{hitsCtrl.values.hits}}

PCH demonstrated resilience of its core services in the backdrop of a rapidly improving economic environment, fueling healthy growth of its profit after tax. In the six months ended 30 September 2010, profits increased by a massive 149% to Rs. 90.6 million.

S.H.M. Rishan

The company’s total revenue went up by 30% from Rs. 1.20 billion to Rs. 1.57 billion during the same period, with gross profit increasing by 24%. The prevailing low interest rate environment resulted in interest expenses going down by 46%, and this reduction greatly contributed towards the huge increase in profitably.

Commenting on the results, S.H.M. Rishan, Chairman of PCH stated, “We have succeeded in increasing our net profits after a very exciting time for the company. We are very confident that we will be able to comfortably surpass the projected profits for the current year that was taken into account in the valuation of the Company in preparation for the IPO.”

Riding on the wave of the recent IPO, PCH has committed to the massive build-up in operations with the opening of new branches in Hambantota, Nelladdi, Kilinochchi and Mannar. Taking ICT to the rural youth has been an initiative that corresponds with the Government’s island wide initiative of taking IT to all corners of the island. PCH enjoys island wide reach with a superior distributor network. In preparation for this build up, PCH has added a host of experienced professionals to its top management, boosting its top end cadres.

In the coming year, plans are also under way for enhanced expansion of its BPO/KPO operations which is slated to be launched in the 3rd quarter. Meanwhile PCH’s fully owned subsidiary, Greenwich Lanka (Private) Limited which provides systems integration and other solutions to corporate and public sector institutions, has been adding resources and re-organising its operations to make a big push in the second half of the financial year.

PCH is the new corporate brand identity for PC House Plc which was recently listed on the Colombo Stock Exchange. The new brand identity reflects the change from a family owned business to a public company with a vision to be the benchmark for ICT in Sri Lanka.

PC House was incorporated as a limited liability company in the year 2000, after having commenced business in 1997. Its Board of Directors consists of S.H.M. Rishan, Mangala Boyagoda, Sarath Wikramanayake, Modarage Thilakasiri, Shanti Kumar Nadarajah, Kuvera de Zoysa and Sharmila Rishan.