Swisstek (Ceylon) PLC, previously Parquet (Ceylon) PLC established in 1967 and now a member of the Lanka Walltiles group of companies, has increased turnover 43% to Rs.320.1 million in the year ended March 31, 2014 and made a pre-tax profit of Rs.53.4 million, up from Rs.9.2 million the previous year.
"This was a commendable improvement in performance during the period under review. The profit after tax for the year was Rs.49.6 million as compared to the profit of Rs.7.0 million made in 2012/13," the company’s Chairman Mr. Nimal Perera said.
However the company continues to carry retained losses of Rs. 160.8 million and the group losses Rs. 85.2 million and the directors have recommended no dividend for the year under review.
Swisstek is into tile mortar products and imported solid wooden flooring. Its subsidiary, Swisstek Aluminium Ltd deals in aluminium extrusion profiles and manufactures tiled beading and step edging.
Perera said that Swisstek Aluminium had contributed significantly to the increase in group turnover by growing its business volumes by 22%.
"As predicted last year, despite many challenges the company saw a remarkable turnaround during the year. Swisstek Aluminium ended with a total comprehensive income of Rs.69 million for the year, a significant improvement, considering the comprehensive income of Rs.6.9 million made last year was after a gain of Rs.34.2 million arising from land revaluation," he said.
Group turnover at Rs.1.49 billion was up 25% from the previous year and the total comprehensive income of the group at Rs.114.9 million was up from the previous year’s Rs.21.9 million.
Swisstek is the market leader in the manufacture and sale of tile grout and tile mortar which remains its main line of business and its newly opened sales outlet at Belummahara had brought good results during the year under review, Perera said.
Following the acquisition of the Lanka Ceramic group by Royal Ceramics, Swisstek has now become a subsidiary of Royal Ceramics and is able to offer Rocell branded tiles and bath ware from Swisstek sales outlets.
Swisstek Aluminium’s investment in the latest technology to powder coat aluminium profiles has paid rich dividends with both powder coated and wood finish product sales increasing considerably during the year.
The company continues to offer wooden flooring made of imported species such as Burma Teak, Merbaru, Pyinkado and Walnut for flooring requirements in the local market. Contribution made by this division during the year was encouraging and prospects for the future remained good, Perera said.
Swisstek has a stated capital of Rs.368.3 million, reserves of Rs.411.4 million and accumulated losses of Rs.85.2 million for the group and Rs.160.8 million for the company in its books.
Total assets ran at Rs.1.8 billion and total group liabilities at Rs.1.05 billion. At company level total assets were Rs.922.9 million and total liabilities Rs.333.6 million.
Lanka Tiles PLC with 47.8% and Lanka Walltiles PLC with 11.5% are the two biggest shareholders of the company followed by Mr. D.G. Wijemanne (7.6%) and Mr. J.A.P.M. Jayasekera (6.8%). Royal Ceramics is the ultimate controlling shareholder.
The directors of the company are: Messrs. Nimal Perera Chairman), J.A.P.M. Jayasekera (MD), K.Y. Choi, K.I.S. Udumalagala, S.A.D.M. Ratnayake and J.K.A. Sirinatha.
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"This was a commendable improvement in performance during the period under review. The profit after tax for the year was Rs.49.6 million as compared to the profit of Rs.7.0 million made in 2012/13," the company’s Chairman Mr. Nimal Perera said.
However the company continues to carry retained losses of Rs. 160.8 million and the group losses Rs. 85.2 million and the directors have recommended no dividend for the year under review.
Swisstek is into tile mortar products and imported solid wooden flooring. Its subsidiary, Swisstek Aluminium Ltd deals in aluminium extrusion profiles and manufactures tiled beading and step edging.
Perera said that Swisstek Aluminium had contributed significantly to the increase in group turnover by growing its business volumes by 22%.
"As predicted last year, despite many challenges the company saw a remarkable turnaround during the year. Swisstek Aluminium ended with a total comprehensive income of Rs.69 million for the year, a significant improvement, considering the comprehensive income of Rs.6.9 million made last year was after a gain of Rs.34.2 million arising from land revaluation," he said.
Group turnover at Rs.1.49 billion was up 25% from the previous year and the total comprehensive income of the group at Rs.114.9 million was up from the previous year’s Rs.21.9 million.
Swisstek is the market leader in the manufacture and sale of tile grout and tile mortar which remains its main line of business and its newly opened sales outlet at Belummahara had brought good results during the year under review, Perera said.
Following the acquisition of the Lanka Ceramic group by Royal Ceramics, Swisstek has now become a subsidiary of Royal Ceramics and is able to offer Rocell branded tiles and bath ware from Swisstek sales outlets.
Swisstek Aluminium’s investment in the latest technology to powder coat aluminium profiles has paid rich dividends with both powder coated and wood finish product sales increasing considerably during the year.
The company continues to offer wooden flooring made of imported species such as Burma Teak, Merbaru, Pyinkado and Walnut for flooring requirements in the local market. Contribution made by this division during the year was encouraging and prospects for the future remained good, Perera said.
Swisstek has a stated capital of Rs.368.3 million, reserves of Rs.411.4 million and accumulated losses of Rs.85.2 million for the group and Rs.160.8 million for the company in its books.
Total assets ran at Rs.1.8 billion and total group liabilities at Rs.1.05 billion. At company level total assets were Rs.922.9 million and total liabilities Rs.333.6 million.
Lanka Tiles PLC with 47.8% and Lanka Walltiles PLC with 11.5% are the two biggest shareholders of the company followed by Mr. D.G. Wijemanne (7.6%) and Mr. J.A.P.M. Jayasekera (6.8%). Royal Ceramics is the ultimate controlling shareholder.
The directors of the company are: Messrs. Nimal Perera Chairman), J.A.P.M. Jayasekera (MD), K.Y. Choi, K.I.S. Udumalagala, S.A.D.M. Ratnayake and J.K.A. Sirinatha.
www.island.lk
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