Annual Report 2011 - 2012 - Colombo Stock Exchange
Annual Report 2011 - 2012 - Colombo Stock Exchange
Annual Report 2011 - 2012 - Colombo Stock Exchange
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03 CHAIRMAN’S MESSAGE<br />
Dear Shareholders,<br />
On behalf of the Board of Directors of The <strong>Colombo</strong> Pharmacy Company PLC' I am pleased to present to you - our valued Shareholders - the <strong>Annual</strong><br />
st<br />
<strong>Report</strong> of the Board of Directors and the Audited Financial Statements for the Financial Year ended 31 March <strong>2012</strong>.<br />
The history of the Company goes back to the year 1876. However' it was incorporated as a Limited Liability Company and named The <strong>Colombo</strong><br />
th<br />
Pharmacy on the 4 of April 1913. The coming year will be a memorable milestone as the company reaches 100 years of its existence.<br />
In order to celebrate the centenary properly, the Board of Directors decided to effect a massive refurbishment program in order to modernize<br />
the two buildings which house the pharmacies. The modernization program at Union Place premises has cost the Company approximately Rs. 65<br />
st<br />
Mn up to 31 March <strong>2012</strong> and the total investment is expected to be recouped in 3 years period. Plans are also being drawn to modernize and to<br />
develop the premises at Bambalapitiya. It is observed that the fair value gain on valuation of investment property at Union Place is Rs.<br />
91,427,000 which is a 14% increase compared to the previous year.<br />
The gross profit of the Company for the financial year is Rs. 16,682,720. The reduction of the Gross Profits in comparison with the previous year<br />
is due to decrease in sales and adhering to directions issued by the Government with regard to drug prices.<br />
However, the Board of Directors is optimistic about the future growth of The <strong>Colombo</strong> Pharmacy with the modernization expansion and<br />
investment programs undertaken. Action would be taken to reach a wider clientele with the expansions.<br />
In conclusion, I wish to place on record the valuable guidance and direction provided by the members of the Board and also the cooperation<br />
extended by the staff at both the pharmacies. Also, I wish to pay my gratitude to our valued Shareholders and Customers for the cooperation<br />
extended.<br />
Lalith Heengama<br />
Chairman<br />
The <strong>Colombo</strong> Pharmacy Company PLC<br />
26th July <strong>2012</strong><br />
The <strong>Colombo</strong> Pharmacy Company PLC<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2011</strong> - <strong>2012</strong><br />
Chairman’s Message<br />
06
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