Richard Pieris to Build a Luxury Hotel in Colombo. Aims to Achieve Rs2.5bn Profit by Year End

21st December 2010, www.dailynews.lk, By Charumini de Silva

Richard Pieris Group has set targets to achieve a net profit of Rs 2.5 billion by the end of this year, while expecting to exceed the net profit Rs three billion in 2011, Richard Pieris Group Chairman Dr Sena Yaddehige told Daily News Business.

He said the group is planning on building a 100 room luxury hotel in Colombo.

The company is seeking a partner for this project. The group owns lands in Tangalle, Trincomalee, Kandy and Nuwara Eliya.

They are looking into possibilities of venturing into the leisure sector as the leisure industry has become a fast growing industry.

The restoration of peace has re-gained the confidence of doing business in Sri Lanka while passing the same feeling to the customers.

The green Arpico Supercentre is another step of the master plan and the company will provide over 1,000 job opportunities within the next 18 months along with their expansion programs.

"The introduction of the green concept helps to reduce cost, while passing the benefits of it to the customers. During the next two years the Group will create ways and means to go green as much as possible. Richard Pieris Group is promoting nano technology in saving energy in Sri Lanka as the cost of energy is high," Dr Yaddehige said.

Richard Pieris Group is expecting to take their footprint overseas with investments in Bangladesh, Papua New Guinea and Middle-Eastern countries.

The Chairman said Richard Pieris Group has three modules of business catering to all segments of society and is contributing to improve the rural livelihood.

With the continuous rain during the past few weeks the rubber prices recorded its highest ever increase. Due to the rain the demand and prices increased significantly. He said if the rain continues the prices will undoubtedly increase.

"Arpico Finance Ltd a subsidiary of the Richard Pieris Group also performed substantially well during the year. The company will enter the capital market once the Group finds that the stock market is on an upward trend. However, the company has no immediate intention of getting listed," Dr Yaddehige said.