Hayleys nine-month revenue up 9%

Hayleys PLC, one of Sri Lanka's leading conglomerates, recorded strong performance in new growth sectors such as Leisure and Energy in the first nine months of 2013-14. The Group recorded steady revenue growth of 9% in the first nine months of the year.

Gross profit rose by 12% to Rs. 14 billion, up from Rs. 12.4 billion in the first nine months of 2012-13, while operating profit was Rs. 5.2 billion, up from Rs. 4.8 billion.

Dhammika Perera	Mohan Pandithage

The Group sustained revenue growth across the board, with a majority of industry segments demonstrating a commendable increase in revenue.

Businesses in the global markets and Manufacturing segment, one of the core contributors to Group profitability, underwent challenging operating conditions.

The purification sector posted an operating profit of Rs. 899 million for the nine months ended December 31, 2013.

The Hand Protection Sector recorded a revenue of Rs. 10.2 billion, with an operating profit of Rs. 773 million, down from Rs. 1.1 billion in the corresponding period of the previous financial year, due to an impact of closure of one of its latex glove manufacturing units.

The Construction Materials sector recorded a commendable rise in profitability as PBIT grew by 19% over the corresponding period in 2012/13.

The Textiles segment witnessed an improvement in operating profits, following significant improvements to revenue, which grew by 28%.

The Agriculture and Plantations sector recorded creditable performance despite a wage hike for tea plantations earlier in the year.

Transportation and Logistics sustained growth during the nine months with operating profit rising by 11%, as did the Consumer Products sector, which recorded growth in turnover and profitability despite a weak market scenario. A strong performance by the Power and Energy sector was spurred by improved profitability in renewable energy.

A significant improvement in profitability of the Leisure and Aviation sector was evident with operating profit rising to Rs. 578 million. A strong contribution from the operating activities of The Kingsbury Hotel supported growth in the sector.

Chairman and Chief Executive of Hayleys PLC, Mohan Pandithage said, "We are encouraged by the strong performance from the sectors in which we have made significant investments in recent years." The Board of Directors of Hayleys PLC comprises (Chairman and Chief Executive, Mohan Pandithage, Deputy Chairman, Dhammika Perera, Rizvi Zaheed, Nimal Perera, Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral, Dr. Mahesha Ranasoma, Mangala Goonatileke, Lalin Samarawickrama, Ruwan Waidyaratne, Shyamalie Weerasooriya (alternate to Dhammika Perera) and Mohamed Jamaldeen.