Haycarb reports 3Q PBT of Rs 805 m

Haycarb PLC has maintained the momentum of revenue and profit growth in the third quarter, despite challenges in traditional markets.

The company reported revenue of Rs 8 b for the nine months ending December 31, 2012, and profit before tax of Rs 805 m for the same period, attributed to maximum capacity utilisation, value addition and the development of new markets.

In a filing with the Colombo Stock Exchange, Haycarb PLC said net profit for the nine months was Rs 683 m, and profit attributable to equity holders of the company was Rs 619 m. Haycarb PLC, Managing Director Rajitha Kariyawasan said the company ran all manufacturing plants at optimum capacity during the period under review and focussed extra attention on developing new markets outside traditional geographies. Continued emphasis on value added carbons, further complemented by the devaluation of the Rupee, enabled the company to maintain overall margins, he said.

Haycarb increased its activated carbon manufacturing capacity by 2,500 mt in the period under review with the acquisition of a second plant in Thailand, and will pursue strategy initiatives to expand capacity in new locations in Indonesia coupled with continued emphasis on value addition projects in Sri Lanka, he said.