Dipped Products turnover drops 21 percent

Dipped Products PLC (DPL) posted Rs. 22 billion in Group turnover during the financial year 2015-16, a 21 percent reduction from a year ago. Group profit before tax (PBT) was Rs. 648 million, a 64 percent reduction from the Rs. 1,780 million recorded for the corresponding period of the previous year.

The Hand Protection segment contributed Rs. 12.7 billion to revenue, 15 percent lower than the previous year. Contribution to PBT from the segment was at Rs. 549 million, 63 percent lower from a year ago. The Plantation segment reported Rs. 9.5 billion in revenue, a 29 percent reduction from the previous year and a PBT of Rs. 154 million, compared to Rs. 390 million posted for the last year.

Managing Directgor Dr. M. Ranasoma said, “It has been a very challenging year for DPL due to multiple factors including heightened competition from regional playersand some of DPL’s key markets continuing to be sluggish.”

He said that DPL’s manufacturing platform with its new factories at the Export Processing Zone, Biyagama are expected to contribute positively to Group performance in 2016-17 financial year. Set up in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5 percent share of the global market.