Sept 05, 2018 (LBO) – Sri Lanka’s business magnate, Dhammika Perera has resigned from the Chairmanship and the Director Board of the Lanka Ceramic PLC with effect from 31 August 2018.
The company said in a stock exchange filing that its Director Board has accepted the resignation letter tendered by Dhammika Perera.
The company said A M Weerasinghe, who was the Deputy Chairman, has now been appointed as the Chairman with effect from 01 September 2018.
Perera has a relevant interest in the company with 4,413,390 shares held by Royal Ceramic Lanka which he is the Chairman.
Lanka Ceramic company’s gross profit dropped from 153 million rupees in the preceding year to 76 million rupees in the 2017/18 financial year.
The company faced numerous challenges, including unfavorable weather conditions for mining, inconsistent policy climate, and weak demand, all of which negatively impacted performance.
Following the restructuring efforts, Lanka Ceramic’s dividend income dropped from 245 million rupees to 122 million rupees.
Lanka Ceramic now stands alone as a subsidiary of Royal Ceramics Lanka. The company, however, has formulated plans to diversify into tableware, which will be marketed under its own brand name.