Haycarb posts Rs 191m PAT
Haycarb PLC reported a revenue of Rs. 2.9 billion, and profit before
tax of Rs. 220 million for the first quarter of 2015/16. The profit
after tax was Rs. 191 million.
Managing Director, Haycarb PLC, Rajitha Kariyawasan said that the
downturn in the gold mining industry coupled with significant
depreciation of currencies in key markets of Europe, Japan and Australia
have posed a significant strain to protect margins. The low cost
competition from smaller manufacturers in Philippines, Indonesia and
India and continued difficulties in charcoal procurement especially in
Sri Lanka has resulted in a very challenging period in the near term.
Against this back drop, Haycarb Group will focus on lean initiatives
to achieve cost savings and pursue its strategy of increasing its market
share in the value added carbon segment. At the same time significant
thrust is made to increase our direct marketing presence in the USA,
through our new structure at Haycarb USA. Kariyawasan said that growth
in its environmental engineering arm Puritas (Pvt.) Ltd. is expected to
contribute more to the profitability of the Group.
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