Dipped Products records improved first half sales

Sustained revenues in Hand Protection and contribution from the plantations enabled Dipped Products PLC (DPL), a Hayleys Group subsidiary company, to post strong operational results for the first half of 2012-13.

According to the Group's income statement released to the Colombo Stock Exchange, turnover for the six months ending September 30, 2012 increased to Rs 11.5 b from Rs 9.6 b for the corresponding period of the previous year.

Turnover from Hand Protection improved by four percent to Rs 7,305 m, with Icoguanti S.p.A, DPL's Italian marketing company increasing sales by four percent to Rs 2,129 m; and Dipped Products Thailand (DPTL) recording a turnover increase of three percent to Rs 1,145 m.

DPL's Plantation sector interests, represented by Kelani Valley Plantations PLC (KVPL) and Talawakelle Tea Estates PLC (TTEL) contributed Rs 4,649 m to turnover in the period reviewed, with the consolidation of turnover from Hayleys Plantation Services, the owners of TTEL.

DPL's profit before tax for the six months was Rs 924 m, an increase of 36 percent over the Rs 681 m (excluding capital gains of Rs 1,141 m) reported in the corresponding half of last year.

Profit after tax for the period reviewed was Rs 631 m as against Rs 439 m for the corresponding period last year.Dipped Products Managing Director, Dr. Mahesha Ranasoma said, "We are experiencing demand volatility attributable to the European economic slowdown, but our focused marketing efforts have enabled us to sustain sales.