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$3.5 million profit

Manasa Kalouniviti
Saturday, February 03, 2018

RB Patel Group Ltd on Wednesday released its unaudited financial statements for the six month period ended December 31, 2017 showing an after tax profit of $3,497,236.

This represented a slight decrease of 8.73 per cent when compared with the same period last year ($3,831,946) which may be attributed to the decrease in total revenue from $64.2 million (December 2016) to $61.4m in the period under review.

RBG chairman Iowane Naiveli said the results for the half-year were encouraging considering the recent major price cutting within the supermarket industry which included selling prices that were well below product costs.

"These actions indicate that the industry has become extremely competitive and new strategies are being developed and implemented to counter the competition," he said.

Based on the reduced net profit of the group the basic and diluted earnings per share decreased from 12.8 cents to 11.7 cents for the period. Mr Naiveli however said based on SPSE's 2017 Stock Market Review shareholders in RBG witnessed their investment grow by 40 per cent (income 4 per cent, capital growth 36 per cent).

"This demonstrates that the company continues to provide its shareholders with solid results which should further boost their confidence in the company and their investment as shareholders," Mr Naiveli said.

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