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| Sunday, 27 February 2005 |
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Hayleys Group's post-tax profit tops Rs 1 billion in Q3 The Hayleys Group has achieved a milestone Rs 1.03 billion in profit after tax for the nine months ending December 31, 2004, with improved contributions from several key sectors of business. In results released to the Colombo Stock Exchange this week, the bluechip conglomerate reported strong growth in turnover and pre and post tax profits at the end of the third quarter. Hayleys said it expects strong performance for the year, despite the appreciation of the Rupee against the US Dollar in the final quarter, a media release said. Highlights of the period under review include a turnover growth of 25 per cent to Rs. 13.9 billion; pre-tax profit up 57 per cent to Rs 1.3 billion; profit after tax up Rs 427 million, a growth of 70 per cent and profit attributable to shareholders up 56 per cent to Rs 573 million. Hayleys Chairman Raja n Yatawara said these figures are consistent with the group's anticipated performance for the first three quarters of the year and reflect particularly significant growth in the rubber, transportation, inland marketing and plantations sectors. The Dipped Products (DPL) Group comprising rubber glove manufacturing and marketing and plantations has already reported an 81 per cent growth in net profit for the period under review. The rubber sector represented by DPL contributed nearly 32 per cent of the Group's post- tax profit, excluding the contribution from associates. Other significant contributors at this level were transportation (18 per cent), inland marketing (13 per cent), plantations (13 per cent) and coir (11 per cent). The environment sector achieved a turnaround in the period under review. The share of pre-tax profits from associates grew 22 per cent to Rs 180 million, with associate companies in the textile, inland marketing and plantation sectors being notable contributors. Commenting on the prospects for the year, Yatawara said: "The fourth quarter has historically seen the strongest growth for the group. We expect a strong performance this year as well." However, the appreciation of the Rupee against the US Dollar in January this year, will see the group falling short of a targeted Rs 1 billion in profit attributable to shareholders for the year, he said. Among the new developments that will positively impact future earnings for the group are the acquisition of another container vessel in the backdrop of increased vessel charter hire rates, plans to establish activated carbon plants in Sulawesi and Sumatra and the operations of a new fibre extraction facility, also in Indonesia. |
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