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Sunday, 17 February 2013

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Hayleys posts Rs 52 b turnover in third quarter

Exceptionally strong growth in the third quarter of 2012-13 has enhanced Hayleys PLC's nine month performance, enabling the Blue chip conglomerate to report wholesome revenue and profit gains for the period.

Turnover for the nine months ending December 31, 2012 improved by a robust 12 percent to Rs 52 billion, and profit before tax grew 63 percent to Rs 3.6 billion from Rs 2.2 billion before capital gains, reported in the corresponding period of the previous year.

Net profit for the three quarters was Rs 2.6 billion as against Rs 1.4 billion excluding capital gains, at the end of the third quarter of 2011-12. Hayleys Chairman Mohan Pandithage attributed these results to strong growth in all core operations and efficient management of cost of sales. Performance in the December quarter was particularly noteworthy, with profit before tax growth of 116 percent, he disclosed.

"Despite a weak global economy, our export sectors performed well due to concerted efforts in product and market development, and streamlined operations," Pandithage said. "Our manufacturing companies have continued to innovate and invest in research and development to ensure sustained demand for our products. As a result, sectors such as Hand Protection, Purification and Construction Materials have performed well."

 

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