Haycarb profit after tax soars 472% to Rs. 200 m in 1 H, 07/08
Solid performances by its overseas manufacturing subsidiaries and the
profits generated by a strategic disposal of investments has enabled
Haycarb PLC, the Hayleys Group's multinational activated carbon company
to achieve a more than five-fold increase in pre and post tax profits in
the first half of 2007-08.
The company's profit before tax for the six months ending September
30, 2007 grew 445 per cent over the first half of the previous year to
Rs. 213.3 million, according to figures released to the Colombo Stock
Exchange this week. Profit after tax for the period, at Rs. 200 million
reflected a growth of 472 per cent.
Turnover for the period increased by 23 per cent to Rs. 2 billion
indicating an overall improvement in operating conditions for the
company.
Haycarb Managing Director Ananda Hettiarachchy said the sale of
investments during the quarter had contributed Rs. 66 million to the
results achieved.
Even discounting this gain, the post tax profit growth achieved by
the Haycarb Group is a noteworthy 284 per cent, and reflects the strong
performance of all its manufacturing operations, especially those in
Indonesia and Thailand," he said.
Even discounting this gain, the post tax profit growth achieved by
the Haycarb Group is a noteworthy 284 per cent, and reflected the strong
performance of all its manufacturing operations, especially those in
Indonesia and Thailand," he said.
Profit attributable to equality holders of the parent company grew
from Rs. 19.2 million for the first half of 2006-07 to Rs. 177.9 million
for the concluded half year, an increase of more than 800 per cent.
The Group's improved performance was also reflected in its earnings
per ordinary share, which increased from 65 cents as at September 30,
2006 to Rs. 5.99 at the end of September 2007.
Haycarb was hit by raw material shortages due to a drop in domestic
coconut production during 2005-06 and the high prices of charcoal, its
main raw material.
The post-tsunami strength of the Rupee against the US Dollar also
negatively impacted on its bottom line in that period. |
