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The firm's profits nearly doubled to 2.
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1 billion rupees in 2010 due to higher returns from core business areas, plantations, retail and plastics business.
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The group plans to invest over two billion rupees on expansion plans and aims to expand the number of Arpico supermarkets to 35 from the current 10 by end-2011.
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"Andrew (Dalby) when he left his cozy job in London, he promised me a to give one thing which is a 10 percent net (margin) over the turnover," Sena Yaddehige, chairman of Richard Pieris group told our sister news website LBR at a media briefing held recently.
"He's going to get it; he's fairly close to it now.
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Andrew Dalby, an ex-London banker with retail experience joined Richard Pieris to head its once lethargic retail sector. Now the retail sector contributes over 40 percent to the group's 27 billion turnover.
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Now Dalby wants to dethrone Cargills as Sri Lanka's largest retail chain by turnover. But the two competitors' business models vastly differ.
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