As per provisional results released last week, RCL Group pre-tax profit grew by 31% to Rs. 2.01 billion whilst net profit attributable to equity holders amounted to Rs. 1.95 billion, up by 36% over 2010/11 financial year.
The record bottom line was powered by robust performance of RCL’s flagship tiles business and impressive profits in its new line sanitary ware. RCL’s profits were also boosted by Rs. 269 million income from sale of shares whilst overall other operating income was Rs. 303.8 million, up by 42% over 2010/11 financial year. Additionally there was Rs. 81 million contribution as profit from associate. During the fourth quarter RCL increased stake in LB Finance Plc to 25.85% from 4% previously with an investment of Rs. 2.47 billion. However, only the quarter’s last month had been consolidated into the accounts.
LB Finance, the fastest growing in the league, in the first nine months of FY12 reported a net profit of Rs. 1.13 billion, up by 81% over the corresponding period of last financial year.
For RCL at Company level other operating income amounted to Rs. 2.2 billion due to Rs. 1.8 billion dividend received from fully owned subsidiary Royal Porcelain Ltd.
Last quarter performance has been healthy as well with after-tax profit of Rs. 475 million, up from Rs. 422 million a year earlier but lower in comparison to Rs. 595.7 million achieved in the third quarter of 2011/12 financial year.