Hayleys 9-month turnover Rs. 21.8b, profit Rs. 684m

Hayleys PLC, the diversified multinational blue chip has reported a turnover of Rs. 21.8 billion and profit after tax of Rs. 684 million for the nine months ending December 31, 2007, following a third quarter of mixed results.

Results released to the Colombo Stock Exchange this week reveal that although Group turnover for the period reflected a 13 per cent growth over the corresponding nine months of the previous year, external factors such as higher costs of production and finance, exchange losses and costs associated with the phased exit from the Consumer Durables (Electronics) business have combined to push profits down.

Consequently, profit before tax and losses of Consumer Durables at the end of the third quarter was down 5 per cent, while profit after tax and losses from Consumer Durables, at Rs. 684 million, reflected a decline of 28 per cent over the first nine months of 2006-07. As a result, profit attributable to equity holders of the company was down 57 per cent to Rs. 219 million.

Hayleys Chairman N. G. Wickremeratne said, "The Group's performance remained under pressure in the third quarter.