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Dankotuwa Group records revenue growth of 55%

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Business
Yudy Kanagasabai and Channa Gunawardana

Dankotuwa Porcelain PLC, posted commendable results for financial year 2021/2022 according to the latest financial results released to the Colombo Stock Exchange.

As a Company, Dankotuwa Porcelain PLC, recorded a revenue of LKR 2.36Bn for the financial year 2021/2022 a 56% growth when compared to the LKR 1.51Bn achieved last year. Further, the Company achieved a Gross Profit (GP) of LKR 926.83 Mn, which was a 116% growth compared to the LKR 428.47 Mn achieved last financial year. The Profit before Tax (PBT) for Dankotuwa as a Company was recorded at LKR 465.26 Mn, a commendable achievement when compared to the loss of LKR 134.53Mn made during corresponding Financial Year 2020/2021.

Dankotuwa Porcelain PLC as a Group (which includes its subsidiary Royal Fernwood Porcelain Limited) posted a revenue of LKR 3.76 Bn, a55% growth compared to the LKR2.43 Bn achieved last year. The Group further achieved a Gross Profit (GP) of LKR 1.20Bn, a 90% growth compared to LKR 635.49 Mn and Profit before Tax (PBT) of LKR 211.70 Mn, an impressive increase compared to the loss of LKR 395.96 Mn posted last financial year.

Royal Fernwood Porcelain Limited recorded a loss of LKR 121.13 Mn for the reporting financial year which contributed negatively towards the performance of the Group.

However, currently, measures are underway to restructure the Company, and realign business verticals which will enable convergence of resources and propel positive results during the following year. Channa Gunawardana, Chief Executive Officer of Dankotuwa Porcelain PLC said” “The pandemic and related lockdown in addition to the political and economic disruptions that affected the lives of Sri Lankans continued to test our resilience and readiness as an organization to face macro – economic challenges during the year. However, I must state that with a performance driven eco-system and an improved business model supported the sustenance and growth of the business during these trying times” Gunawardana stressed.

 

Tuesday, June 28, 2022 – 01:00











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