CPL Q3 net profit up 82%

CITY Pharmacy Ltd (CPL) Group, PNG’s biggest retailing network, continues to grow from strength to strength.
Last Friday, its chairman Mahesh Patel said the company’s profits increased by 82% for the third quarter of this year compared to the very same period last year.  
The net profit after tax was K12.8 million (not including associated companies). 
The profit for the same period last year was K7.02 million.
The total revenue was K230 million compared to K178.92 million last year, up 29% from the previous year. 
Business was doing well for CPL group as sales increased in all divisions.
The company was expecting a strong fourth quarter trading, he said.
Patel said the company’s hardware division called Hardware Haus also displayed very encouraging sales performance this year compared to last year.
“Our continued focus on customers, through investment in price, range, merchandise and quality will continue to contribute to the sales growth. 
The company is continuing to secure further supply chain improvement and technological renovations to improve our warehouse throughput,” Patel said.
 “We expect this positive trend to continue and finish the financial year strongly, with profit growth of about 50% over last year.
“While there is some gains in the currency, there will be a continual challenge to contain the exorbitant rentals in the marketplace and control the rising electricity, security and labour costs,” Patel added.