• Concludes 2016/17 on a positive note compared to the losses incurred in 2015/16
• Lanka Century Investment PLC biggest contributor
Colombo Monday June 12th, 2017: Taprobane Holdings PLC., (TAP Group) a leading multidiscipline, diversified conglomerate in Sri Lanka, recorded an impressive growth in both top line and bottom line as per the annual financial results released to the Colombo Stock Exchange.
TAP Group posted an annual profit before tax of Rs.135 million for the financial year 2016/17 when compared to a loss of Rs.1.85 billion for the year 2015/16 and profit after tax of Rs. 116 million when compared to the loss of Rs. 2.02 billion in the previous year (2015/16). The group’s revenue for the year reported was Rs. 10,900 million, recording a 14% growth when comparing to the corresponding period of last year. The total comprehensive income for the said financial year is recorded at Rs. 218 million when compared to the Rs. 1.45 billion loss incurred during the last financial year.
The financial year 2016/17 has been an exciting year for TAP Group with all its subsidiaries recording profits. The highest contributor to the total comprehensive income was from Lanka Century Investments PLC (LCI) – contributing a total comprehensive income of Rs. 478.5 million at Subsidiary level.
The LCI subsidiaries include local manufacturing organizations with international reputation for quality exports such as South Asia Textiles Industries Lanka (Pvt.) Ltd., (leading manufacturer of exceptional quality weft knitted fabric. The company also specializes in knitting, dyeing, finishing, printing, brushing, sueding and anti-pin micro/polar fleece fabric for leading global brands such as Victoria Secret, Next, Marks & Spencer, Tesco, Calvin Klein, Decathlon and Adidas), Dankotuwa Porcelain PLC and Royal Fernwood Porcelain Ltd., (manufacturers of porcelain tablewear and gift items. The company continues to have the pleasure of manufacturing customized products for global giants such as Oneida, Macy’s, Country Road, Lenox, John Lewis, Crate & Barrel, Megros, Jasanmal, Ralph Lauren, the Walt Disney Company and Dilmah), Ceylon Leather Products PLC (manufacturer of leather footwear and accessories) and Colombo City Holdings PLC (real estate).
Financial year 2016/17 also reaped the benefits of the major transformation project which included re-structuring and re-strategizing of the group to be a medium sized, diversified conglomerate. The change of ownership and guidance from two corporate giants – Galle Face Hotel Group and Haidramani Group together with Entrepreneur/Investor Ajith Devasurendra along with the appointment of top corporate personality and renown Industry veteran Murali Prakash as the group’s Managing Director/Chief Executive Officer proved to be the right formula resulting in this exceptional outcome.
During the current year (2017/2018), the group is keen on continuing this positive trend and achieving exponential growth. Plans are underway to further revamp and re-strategize with a future oriented growth strategy with the objective of building and nurturing a profitable and sustainable diversified conglomerate that gives the shareholders a positive return on their investment.
Taprobane Holdings PLC Board of Directors comprise of eminent personalities – Sanjeev Gardiner (Chairman/Non-Independent Non-Executive Director), Ajith Devasurendra (Deputy Chairman/ Non-Independent, Non-Executive Director), Murali Prakash (Group Managing Director/ Chief Executive Officer), Priyantha Fernando ( Independent Non-Executive Director), Harsha Amarasekera P.C (Non-Independent Non-Executive Director), Ranil Pathirana (Non-Independent Non-Executive Director), Sarinda Unamboowe ( Independent Non-Executive Director), Desamanya Deva Rodrigo (Independent Non-Executive Director).
Incorporated in 2006, Taprobane Holdings PLC provides a range of financial services including money brokering, stock brokering, corporate finance, margin trading, real estate, investment management and is involved in managing many other active and passive investments through its subsidiaries and associates. Through its acquisition of Lanka Century Investments, the company is also engaged in the manufacturing of textiles, footwear and porcelain for both the local and export market along with a presence in real estate and other investments.