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Thursday, February 7, 2013

Dipped Products delivers strong 3Q results

Dipped Products Group has recorded top line growth of 20 per cent, posting turnover of Rs. 17.4 billion at the end of the third quarter of 2012-13, with strong operational performance in its Hand Protection sector and a significant contribution from Plantations.

The Hayleys Group subsidiary, which accounts for five per cent of the global non-medical rubber glove market, has reported that revenue from Hand Protection grew by five per cent to Rs. 11 billion in the nine months ending 31 December 2012.

Local manufacturing grew turnover by six per cent to Rs. 6.6 billion in the review period, ICOGUANTI S.p.A, DPL’s Italian marketing company improved sales by four per cent to Rs. 3.1 billion, and Dipped Products Thailand (DPTL) contributed Rs. 1.8 billion to the sector’s turnover, the company said.

Meanwhile, the Dipped Products Group’s Plantation sector companies Kelani Valley Plantations PLC (KVPL) and Talawakelle Tea Estates PLC (TTEL) increased their turnover to Rs. 7.1 billion, with the consolidation of turnover from Hayleys Plantation Services, the owners of TTEL.

In income statements filed with the Colombo Stock Exchange, DPL reported profit before tax of Rs. 1.5 billion for the nine months. Profit after tax for the period reviewed was Rs. 1.2 billion as compared with Rs. 716 million before capital gains, at the end of 3Q 2011-12.

“We are continuing to see the impact of the economic slowdown in Europe. However, as the figures indicate, our focused efforts to sustain sales amidst demand volatility are proving to be effective,” the company’s Managing Director Dr. Mahesha Ranasoma said.

Established in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world. The company’s products now reach 70 countries.

The Board of Directors of Dipped Products PLC comprises 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.

source - www.ft.lk