Haycarb records Rs. 8.4 b turnover for 3Q, 2015-16

Haycarb PLC reported a revenue growth of 5% to Rs. 8.4 billion and profit before tax of Rs. 702 million for the nine months ending December 31, 2015.

The profit after tax stood at Rs. 600 million.

Managing Director, Haycarb PLC, Rajitha Kariyawasan said, “The company operated under adverse conditions in its export markets due to the economic downturn, currency devaluation and volatility in its major markets in Europe, Russia, China and Australia and the continued overall depressed conditions in the gold industry.”

“The high cost of charcoal imports to Sri Lanka and the increase in charcoal prices in Indonesia and Thailand impacted profit margins.

Given the challenges in the external environment, focus on lean manufacturing practices and the savings that continue to accrue from energy saving initiatives launched previously helped to maintain profitability,” he said.

He said that the growth of the environmental engineering arm, Puritas (Pvt) Ltd. into the small and medium scale water and waste-water purification systems in Sri Lanka and in the region has resulted in a significant increase in revenue and profitability in this business segment.

Haycarb has introduced an environment-friendly charcoaling facility in Thailand, to strengthen the raw material supply networks and will continue to build partnerships through providing technology and funding for environment-friendly charcoaling in all its manufacturing locations.