Nimal assumes Chairmanship of Lanka Ceramic Plc

Friday, 20 September 2013 03:00 - - {{hitsCtrl.values.hits}}

Nimal Perera has assumed chairmanship of Lanka Ceramic Plc, succeeding Anthony Page. Lanka Ceramic is the owning company of Lanka Walltiles Plc, Lanka Floortiles Plc, Horana Plantations Plc, Swisstek (Ceylon) PLC and Uni-Dil Packaging Ltd. Nimal has also assumed duties of the four listed companies last week. Deputy Chairman of those is Dhammika Perera.

The change follows Royal Ceramics acquiring the controlling stake of Lanka Ceramics from CT Holdings in May this year in a deal worth Rs. 3.2 billion. RCL holds 77% whilst Vallibel One holds a further 3%. A.A. Page holds 4.5% and Nimal has a personal stake of 3.4%. Group revenue of Lanka Ceramics in 2012/13 FY was Rs. 11.6 billion, up from Rs. 10.5 billion in the previous year. Post-tax Group profit was Rs. 723 million, down from Rs. 1 billion in FY12. Net profit attributable to equity holders of Lanka Ceramic was Rs. 128 million, down from Rs. 326 million. Following the change, the Board of Directors of Lanka Ceramics Plc comprises W.D.N.H. Perera (Chairman), K.D.D. Perera (Deputy Chairman), P.S.R. Casie Chitty (Managing Director), Anthony A Page, J.A.P.M. Jayasekera, T.G. Thoradeniya, Dr. S. Selliah and K.D.D. Guneratne. In the 1Q of FY14, Group revenue was up 9% to Rs. 2.6 billion whilst a loss of Rs. 60.4 million was recorded as opposed to a profit of Rs. 13 million in the 1Q of FY13. Loss attributable to equity holders of the Company was Rs. 44.6 million, up from a loss of Rs. 16.6 million a year earlier. Group assets as at June 2013 were Rs. 15.8 billion and shareholders’ funds amounted to Rs. 3 billion inclusive of Rs. 1.78 billion in retained profits. Liabilities were Rs. 8.1 billion, up from Rs. 7.96 billion.