Sun, 01 August 2010  06:22:35
Another Crown 1 Comment(s)
30 Nov, 2006 18:36:28
Harry J takes captainship at Distilleries, amidst stellar earnings
November 30, 2006 (LBO) – Business tycoon Harry Jayawardena took charge as Chairman of Distilleries Co. of Sri Lanka Thursday, ending weeks of shadow battles in the boardroom.

Jayawardena told shareholders during the annual general meeting, that the board of directors appointed him, as Distilleries' main shareholder, Milford Holdings, did not appoint ex-chairman V P Vittachi.

Distilleries, a conglomerate in the making with significant presence in the country's key growth sectors, also reported a stellar performance for the second quarter ending Sept. with net profits up 41.5 percent to 1.052 billion rupees over revenues of 10.61 billion rupees.

The results helped lift six months net profits up 66.1 percent to 1.94 billion rupees, over sales of 22.12 billion rupees.

Jayawardene and his Stassens Group which controls Distilleries', has diversified interest in banking, financial services, shipping, hotels, power, telecommunications, plantations, healthcare, liquor and food and beverages.

Distilleries controls over 80 percent of the island's hard liquor market, a third the insurance market (through Sri Lanka Insurance Corp).

Sri Lanka Insurance is likely to be listed at significant capital gains in the medium term. Analysts say the group's future growth is likely to be helped by further acquisitions in non–related sectors, backed by high free cashflows from the distilling operation.
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READER COMMENT(S)
1. Gamekolla Dec 01
Can Harry change the leble of his arrack bottles to read; 'this bottle carries a life long insurance cover and drinking may not be that bad for health'.