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Sunday, 10 February 2013

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Dipped Products delivers strong 3Q results

The Dipped Products Group has recorded a growth of 20 percent, posting a turnover of Rs 17.4 b at the end of the third quarter of 2012-13, with strong operational performance in its Hand Protection sector and a significant contribution from Plantations.

The company reported that revenue from Hand Protection grew by 5 percent to Rs 11 b in the nine months ending December 31, 2012.

Local manufacturing grew turnover by 6 percent to Rs 6.6 b in the period under review. Icoguanti S.p.A, DPL's Italian marketing company improved sales by 4 percent to Rs 3.1 b, and Dipped Products Thailand (DPTL) contributed Rs 1.8 b to the sector's turnover, the company said.

Meanwhile, the Dipped Products Group's Plantation sector companies Kelani Valley Plantations PLC (KVPL) and Talawakelle Tea Estates PLC (TTEL) increased their turnover to Rs 7.1 b, with the consolidation of turnover from Hayleys Plantation Services, the owners of TTEL.

In income statements filed with the Colombo Stock Exchange, DPL reported profit before tax of Rs 1.5 b for the nine months. Profit after tax for the period under review was Rs 1.2 b as compared with Rs 716 million before capital gains, at the end of 3Q 2011-12.

"We are continuing to see the impact of the economic slowdown in Europe. However, as the figures indicate, our focused efforts to sustain sales amidst demand volatility are proving to be effective," the company's Managing Director, Dr. Mahesha Ranasoma said.

 

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