Export driven Printcare delivers strong half year performance

Company focused on caring for inflation-hit employees

Printcare PLC delivered a strong half yearly performance with Group revenues doubling to Rs. 6.8 billion from Rs 3.3 billion from the same period last year driven by sales growth of its innovative packaging material. The Group’s Consolidated Profit Before Taxes increased to Rs. 1.7 billion during the year despite a Rs 240 million increase in interest expense, as a result of increased borrowing to fund the additional working capital at the dramatically higher interest rates, a company news release said.

“The performance of our company has been strong, buoyed by our exports, despite the most challenging environment the business has been forced to operate in, with the country’s political and economic situation making us very vulnerable in every sense,” a spokesman said.

He added “the reputation of the country is badly tarnished and suppliers of raw material are not willing to accept bank letters of credit demanding instead full payment in advance, and on most occasions even before commencing production.”

He further said “our overseas buyers are starting to become wary of relying exclusively on Sri Lankan suppliers and all expansion plans they had with us are currently being reconsidered. It is imperative that the members who represent us in parliament place the needs of our economy first and act in unison.

“Unfortunately we don’t see any signs of this happening. At this time the climbing inflation rates are a huge tax on our work force and to compensate them in some measure businesses must increase their remuneration packages. We are conscious though that all our local customers are also subjected to these same wearing conditions and it has been our foremost priority to support them in every sense for we form a critical part of their end product.”

Printcare Plc is a diversified Group which is a leading supplier of printing and packaging to Consumer Packaged Goods companies including apparel, FMCG, Pharma, Food and Beverage, and Tobacco industries, as well as security printing for the lotteries and telecom industries.Printcare’s mission is to help its customers lead in their respective industries, by providing them with innovative and sustainable packaging solutions, the release concluded.