Aug 04, 2010 (LBO) - Sri Lanka's Haycarb said June 2010 quarter net profit rose 78 percent to 157 million rupees from a year ago with overseas units compensating for lower profit margins at its local factories.A stock exchange filing said sales of coconut shell-based activated carbon rose 18 percent to 1.5 billion rupees over the period.
Basic earnings per share rose to 5.30 rupees from 2.97 rupees the year before.
The company said the performance of its Sri Lankan operation was "below expectations", mainly owing to increasing domestic costs and the appreciation of the rupee.
But this was offset by "very good performances" from Haycarb's overseas marketing and manufacturing operations in Indonesia and Thailand.
Haycarb Managing Director Rajitha Kariyawasan said the demand for activated carbon remains strong but cautioned that the very high charcoal price would continue to "challenge" the margins of its largest manufacturing base in Sri Lanka.
Haycarb, a subsidiary of the Hayleys conglomerate, has an installed capacity of more than 22,000 tonnes a year.
source - www.lbo.lk
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