Aug 19, 2009 (LBO) – Sri Lanka’s supermarket chain Cargills (Ceylon) said it plans to invest in the former northern war zone as its retail and consumer goods businesses lifted June 2009 quarter profits. The company said in a stock exchange filing that group net profit grew 36.6 percent to 162 million rupees in the June 2009 quarter from a year ago.
Revenue was almost flat, growing by just one percent to 7.4 billion rupees in the period while earnings per share were 0.72 rupees compared with 0.53 the year before.
Cargills (Ceylon) is part of the Ceylon Theatres group which has operations in retailing, manufacturing and restaurants and agri-business.
The firm said in a statement that it intends to invest in the north with the end of the 30-year ethnic war after government forces defeated Tamil Tiger rebels in May.
Cargills (Ceylon) chief executive Ranjit Page said that in the medium to long term its Cargills Food City supermarket chain would be increasing its presence in regional townships across all 25 districts of the island.
“We are keen to repeat our success in the east in the northern region as well,” he said.
“The group has already planned out investments in the penin