15 CT Holdings
Board of Directors
Anthony A Page
J B L De Silva
Although the performance of the group fell short of expectations during the current year, there was an increase in volumes achieved. Towards the year end, the company parted with its entire shareholding in Lanka Ceramics, which amounted to 2.89 billion rupees. The growth trend in the group revenue however continued during the year to increase to 67.82 billion rupees.
The profit for the year increased to 3.34 billion rupees, which also reflects gains from disposal of investments and property, plant and equipment and fair value gains on investment properties. As an ongoing process to enhance value on all of their businesses, the group made an exit from the industrial goods and plantations segments. The investment by the group in property, plant and equipment during the year amounted to 5.3 billion rupees and the retail sector recorded a growth in PAT primarily as a result of fair valuation gain from investment property. In the retail sector 30 new outlets were opened during the sector including 17 Cargills Food City Express stores. However the revenue showed a decline to reach 463 million rupees, due to the change in accounting policy. In the FMCG sector the group substantially invested in the expansion of the dairy sector in line with the national goal of achieving self-sufficiency in milk by 2015. Accordingly production capacity of milk and yoghurt has been increased while storage capacity of the ice cream segment has also been enhanced. Consequently despite a challenging environment this sector has shown a considerable performance with a 37.5 growth in revenue and 43.4 percent increase in operating profit.
CT Holdings has steadily progressed, while venturing into new areas. Though a family business and at times considered to be traditionally managed, the group has never been ‘old fashioned’, when it comes to business. Ranjit Page, Managing Director, has ensured that the group is ahead of its time. And, has always aligned themselves with the country’s development strategies.