Thursday, November 1, 2012

Dipped Products Group records improved first half sales

Sustained revenues in Hand Protection together with the contribution from Plantations have 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 30th September 2012 increased to Rs 11.5 billion from Rs 9.6 billion for the corresponding period of the previous year.

Turnover from Hand Protection improved by 4 per cent to Rs 7,305 million, with ICOGUANTI S.p.A, DPL’s Italian marketing company increasing sales by 4 per cent to Rs 2,129 million; and Dipped Products Thailand (DPTL) recording a turnover increase of 3 per cent to Rs 1,145 million.

DPL’s Plantation sector interests, represented by Kelani Valley Plantations PLC (KVPL) and Talawakelle Tea Estates PLC (TTEL) contributed Rs 4,649 million 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 million, an increase of 36 per cent over the Rs 681 million (excluding capital gains of Rs 1,141 million) reported in the corresponding half of last year. Profit after tax for the period reviewed was Rs 631 million as against Rs 439 million for the same period last year.

Commenting on the figures for the first half of the 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. In this context, our top line growth and profit performance are noteworthy."

He said the company regularly monitors opportunities in the global market and pursues new customers despite the challenging environment in export markets.

Established in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5 percent share of the global market. The company’s products now reach 70 countries.

The Board of Directors of Dipped Products PLC comprises Messrs A. M. Pandithage (Chairman), Dr. M. Ranasoma (Managing Director) J. A. G. Anandarajah,  G. K. Seneviratne, N. Y. Fernando,   R. Seevaratnam, F. Mohideen , K. A. L. S. Fernando, L. G. S. Gunawardena, S. C. Ganegoda , K. D. D. Perera and M. Bottino.

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