Sierra Cables posts commendable results in second quarter

Sierra Cables, Sri Lanka’s leading manufacturer of copper and aluminium cables at the forefront of meeting multiple needs across industrial sectors, posted commendable results for the second quarter, registering a positive economic growth for the company and for the economy.

Operating in a challenging economic climate, the Group posted a revenue of Rs 2.2 billion during the first half of 20/21 with a net profit of Rs 70 million. The company yielded a Rs 87 million net profit during the first half, indicating 8% year-on-year growth.

During the second quarter, the Group posted a revenue of Rs 1.5 billion, indicating a considerable growth of 104% over the first quarter, registering a strong streak of resilience and recovery from pandemic related economic conditions.

Fitch Ratings affirm Sierra Cables as BB (lka), having removed the Company outlook from the Rating Watch Negative as a result of their exceptional performance during an economic downturn.

“We are pleased to have achieved these results having operated in an economic climate of restrictions and lockdown measures”, says Harsha Jayatunga, CEO of Sierra Cables.

“Despite the pandemic and related economic downturn that restricted multiple activities, we succeeded in registering a growth that actually doubled during the second quarter, when compared to the first quarter”, he noted.

Widely recognised as a preferred supplier of cables for mega construction projects, Sierra Cables was honored to be the cable supplier for the Rigid Tyre’s state-of-the-art, fully-integrated manufacturing plant, known as the largest tyre manufacturing plant in South Asia with an investment of USD 250 million, due to open in mid- January 2021.