Hayleys records Rs 5 b PBT

The Hayleys Group recorded an exceptional financial performance in 12/13, despite challenging conditions in its key global markets and tight macroeconomic policies in the domestic arena.

In a filing to the Colombo Stock Exchange, the blue chip conglomerate reported a turnover of Rs. 74.3 billion, a 13% growth from the previous financial year. Its PBT grew to Rs. 5 billion from Rs. 2.6 billion in 2011/12, which was restated in line with SLFRS/LKAS requirements. Earnings per share of the group rose to Rs. 24.73 from Rs.13.90 in 2011/12.

Chairman and Chief Executive of Hayleys PLC, Mohan Pandithage, said, "Three of our key sectors, Hand Protection, Purification Products and Transportation and Logistics all individually surpassed a PBT of Rs. 1 billion, which is truly remarkable."

The other sectors of the Group showed continued improvement. The Construction Materials sector demonstrated strong growth and the Fibre sector, following the implementation of a number of strategies to streamline operational processes, consolidated its turnaround. Losses in the Textiles sector were curtailed as the company implemented a number of strategic and leadership changes.

The Group benefited from the exceptional performance of the Plantations sector while the Agriculture sector posted commendable results despite adverse climatic conditions. In Leisure and Aviation, the Amaya Group made a significant contribution to the bottom line while The Kingsbury Hotel commenced operations in December 2012, after a major expansion program.

Power and Energy made a strong impact on the Group, with contributions from Wind Power and Industrial Input segments. However, the Consumer sector was affected by higher interest rates, lower consumer spending and a weaker currency.