Hayleys Q1 PBT above Rs. 1 b

Hayleys PLC, posted Rs.1.03 billion in Profit Before Tax (PBT) for the first quarter of the 2016/17 financial year. Revenue reached Rs. 24.13 billion, continuing the top-line growth momentum from the last financial year.

The Agriculture, Purification Products, Construction Material, Eco Solutions, and Power and Energy Sectors saw appreciable profit growth over the same period in the previous year. All sectors made positive contributions to the bottom-line except for the Plantation sector, where industry-wide challenges continue to dampen sector performance. The Leisure Sector acquired a Maldivian luxury resort in the South Ari Atoll close to the popular Kudarah Thila dive site.

The Kudarah Island Resort which has 51 luxury villas is the group's first leisure sector investment outside Sri Lanka and will be operated under its flagship Amaya Resorts and Spas.

The Chairman and Chief Executive of Hayleys PLC, Mohan Pandithage said, "The acquisition of the Kudarah Island Resort fulfills a long felt need to operate a resort in the Maldives to compliment the diversity we offer under our leisure sector." Pandithage commenting on the acquisition of a 75% equity stake in Fentons Ltd in mid-March 2016, said "Both Hayleys and Fentons share a rich heritage and similar and strong value systems.

We believe the acquisition will positively contribute to the Group's growth and profitability turnover, considering the growth in the country's infrastructure and support services sector."

"We are confident that our recent acquisitions and our current strategic direction will set the stage for another high performing year for the Hayleys group," he said.