Haycarb records Rs. 898 m PAT for 2015-16

Haycarb PLC reported a revenue of Rs. 11.7 billion, profit before tax of Rs. 1,119 million and profit after tax of Rs. 898 million for the financial year 2015/16. The earnings per share of equity holders of the company was Rs. 22.93 for the year.

Chairman, Haycarb PLC and its parent company Hayleys PLC, Mohan Pandithage said it is noteworthy that the company withstood the challenges in global markets and the raw material supply chain to post a profit before tax of over Rs. 1 billion for the fourth consecutive year, signalling its strong position in the activated carbon industry and purification solutions.

Haycarb PLC, Managing Director, Rajitha Kariyawasan said several initiatives were pursued to mitigate the adverse impact of the global market conditions and the supply chain constraints during the year.The change in our distribution and marketing model in the USA, the downturn of the economies and the fluctuation of currencies in the key markets that the company operates in, the continued slow-down in the gold mining industry, low cost competition from manufacturers in countries such as India, Indonesia and the Philippines and the shortage of charcoal supplies notably in Thailand were the key challenges encountered during the year.

He said the two-pronged marketing approach of strengthening and restructuring Haycarb's marketing teams spread across USA, Europe, Australia, Thailand and Indonesia whilst expanding other distribution channels enabled Haycarb to expand its share of existing markets and enter new markets.