Hayleys post-tax profit up 56% to Rs. 689m in 1H, 2006-07

The Hayleys Group has reported solid performance improvements from some key sectors at the half year ending September 30, 2006, enabling the Bluechip conglomerate to post strong growth in post-tax and attributable profits.

According to income statements released to the Colombo Stock Exchange, the Group's profit before tax has grown 36 per cent to Rs. 927.4 million, profit after tax by 56 per cent to Rs. 689.4 million and profit attributable to equity holders by 55 per cent to Rs. 367.8 million in the first half of 2006-07. Group turnover for this period grew 21 per cent to Rs. 13.25 billion.

These results were based on noteworthy contributions to turnover and profit from the Group's Hand Protection, Transportation and Plantation sector businesses, and improvements in the Fibre and Purification sectors which had to contend with challenging conditions in the previous financial year.

Strong performances from associate companies, particularly Hayleys MGT Knitting Mills and Talawakelle Tea Estates have also been credited for contributing to the Group's results in the period reviewed.

In his comments on the Group's half-year performance, Hayleys Chairman Rajan Yatawara has said he expects the profit growth seen in the first half to continue over the rest of the year.

Referring to the accolades won by the Group at the 2006 Best Corporate Citizen Awards, he said: "This recognition is especially gratifying in the context of our vision - Hayleys to be looked upon as Sri Lanka's corporate inspiration at all times."