By RACHNA LAL
RB Patel Group Limited’s sales revenue for the six months ended December 31, 2013, has increased by 4.5 per cent.
The company recorded sales revenue of $53,177,327 compared to $50,904,242 recorded for the same period the year before.
Net profit after tax for the period was $2,569,456 compared to the previous year’s result of $2,397,640, an increase of 7.2 per cent.
This was announced through the South Pacific Stock Exchange yesterday as the company released its half year unaudited financial statements.
Company chairman, Padam Lala, described the results to be extremely pleasing given the local and global economic and financial conditions.
“The company has performed considerably better and this is evident in a comparison between the half year’s trading results,” he said.
Mr Lala said general market conditions reflect the business confidence resulting from recent tax reductions and incentives announced by the Government.
“However, increases in the cost of doing business and the restriction on margins imposed on some high volume items continue to provide challenges for the industry in maintaining profitability.”
Interim dividend payout
RB Patel Group Limited board also declared a final interim dividend of four cents per share, a total of $1.2 million to be paid on February 24, 2014.
Mr Lala has emphasised this will be the seventh consecutive year the company has maintained its first interim dividend at four cents per share.
RB Patel Group chairman, Padam Lala (left)