Tuesday, August 9, 2011

Hayleys posts 1Q PBT of Rs 854 m

Better operational results from most sectors of business have enabled Hayleys PLC to make a vigorous start to FY 2011-12.

Hayleys reported that profit before tax for three months ending June 30, 2011 grew 60 percent to Rs 854 million, while net profit was up 72 percent to Rs 606 million, half of the preceding full year's post-tax profit.

Turnover for the period improved 26 percent to Rs 14.7 billion, and profit attributable to equity holders of the company also increased by 72 percent to Rs 269 million.

Businesses in Hand Protection, Plantations, Transport and Logistics generated notably stronger results over the corresponding three months of last year, while loss-making sectors such as Fibre achieved significantly improved positions, Hayleys Group Chairman Mohan Pandithage said. The textiles sector, which suffered losses in FY 2010-11 due to the writing down of current assets to reflect net realizable values, contributed Rs 1.4 billion to turnover.

This sector recorded a loss during the first quarter. However a recovery is expected during the latter part of the financial year, Pandithage said.

Purification Products contributed with a higher contribution to turnover and a useful contribution to operating profit despite challenging operating conditions, he said.

In segmental results for the three months reviewed, Hand Protection contributed Rs 3.4 billion to turnover and Rs 269 million to operating profit, and Plantations contributed Rs 2.05 billion to turnover and Rs 378 million to operating profit.

Purification products recorded a turnover of Rs 1.8 billion and Rs 150 million operating profit, while the contribution of Transportation was Rs 1.1 billion to turnover and Rs 133 million to operating profit.

Agriculture, excluding plantations, contributed Rs 1.5 billion to turnover and a significant operating profit of Rs 159 million which is in line with the corresponding quarter. Consumer Products, with contributions of Rs 1 billion and Rs 53 million respectively to turnover and operating profit, also improved performance over the corresponding period.

The Fibre sector, which had been under pressure during the entirety of the preceding year due to raw material shortages, contributed Rs 1.2 billion to turnover and converted an operational loss of Rs 53 million in the first quarter of the previous year to an operating profit of Rs 6.7 million in the three months reviewed.
source - www.dailynews.lk

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