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Tuesday, May 21, 2013

Hayleys profits surge, a historic year says Chairman Pandithage

Despite global, domestic challenges...

The Hayleys Group, one of Sri Lanka’s leading conglomerates, recorded an exceptional financial performance for 2012/13 with net profits surging 119 percent, "despite challenging conditions in the group’s key global markets and tight macroeconomic policies in the domestic arena", the company said in a statement.

In a filing to the Colombo Stock Exchange, the blue chip conglomerate reported a turnover of Rs. 74.3 billion, a 13 percent growth from the previous financial year. The PBT grew to Rs. 5 billion, up 96 percent from Rs. 2.6 billion in 2011/12, which was restated in line with SLFRS/LKAS requirements. Earnings per share of the group rose to Rs. 24.73 from Rs.13.90 in 11/12.

"The Group’s performance this financial year is very significant as most sectors posted commendable returns, making 2012/13 a historic year for Hayleys", noted Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC. "Three of our key sectors; Hand Protection, Purification Products and Transportation & Logistics all individually surpassed a PBT of Rs. 1 billion., which is truly remarkable" he added.

The other sectors of the Group showed continued improvement.

The Construction Materials Sector demonstrated a strong growth and the Fibre Sector, following the implementation of a number of strategies to streamline operational processes, consolidated its turnaround. Losses in the Textiles Sector were curtailed as the company implemented a number of strategic and leadership changes.

The Group benefited from the exceptional performance of the Plantations Sector whilst the Agriculture Sector posted commendable results despite adverse climatic conditions. In Leisure and Aviation, the Amaya Group made a significant contribution to the bottom line whilst The Kingsbury Hotel commenced operations in December 2012, after a major expansion program.

Power and Energy made a strong impact to the Group, with contributions from Wind Power and Industrial Input segments. However, the Consumer Sector was affected by higher interest rates, lower consumer spending and a weaker currency.

Speaking on the conglomerate’s future outlook, Pandithage noted, "This year’s performance is reflective of our movement towards consolidation of growth. We have ably demonstrated our capability to withstand challenges, and will continue to grow the businesses through market enlargement, product and brand development, R&D, value addition and constant innovation".

The Board of Directors of Hayleys PLC comprises Messrs Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Deputy Chairman), Rizvi Zaheed, Nimal Perera, Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Dr. Mahesha Ranasoma, Mangala Goonatileke, Ranil Pathirana, Lalin Samarawickrama and Ruwan Waidyaratne.

source - www.island.lk