Taprobane Holdings PLC., (TAP Group) a leading multidiscipline, diversified conglomerate in Sri Lanka, recorded an impressive growth in both top line and bottom line as per the annual financial results released to the Colombo Stock Exchange.
TAP Group posted an annual profit before tax of Rs.135 million for the financial year 2016/17 when compared to a loss of Rs.1.85 billion for the year 2015/16 and profit after tax of Rs. 116 million when compared to the loss of Rs. 2.02 billion in the previous year (2015/16). The group’s revenue for the year reported was Rs. 10,900 million, recording a 14% growth when comparing to the corresponding period of last year.
The total comprehensive income for the said financial year is recorded at Rs. 218 million when compared to the Rs. 1.45 billion loss incurred during the last financial year.
The financial year 2016/17 has been an exciting year for TAP Group with all its subsidiaries recording profits. The highest contributor to the total comprehensive income was from Lanka Century Investments PLC (LCI) – contributing a total comprehensive income of Rs. 478.5 million at Subsidiary level.
The LCI subsidiaries include several local manufacturing organizations with international reputation for quality exports. The company continues the manufacturing customized products for global giants.
The financial year 2016/17 also reaped the benefits of the major transformation project which included re-structuring and re-strategizing of the group to be a medium sized, diversified conglomerate. The change of ownership and guidance from two corporate giants – Galle Face Hotel Group and Haidramani Group together with Entrepreneur/Investor Ajith Devasurendra along with the appointment of top corporate personality and renowned industry veteran Murali Prakash as the Group’s Managing Director/Chief Executive Officer proved to be the right formula resulting in this exceptional outcome.
During the current year (2017/2018), the group is keen on continuing this positive trend and achieving exponential growth. Plans are underway to further revamp and re-strategize with a future oriented growth strategy with the objective of building and nurturing a profitable and sustainable diversified conglomerate that gives the shareholders a positive return on their investment.
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