Dipped Products Group posts strong 1Q returns for 2013-14

Thursday, 1 August 2013 01:55 - - {{hitsCtrl.values.hits}}

Dipped Products PLC, a Hayleys Group subsidiary, posted strong financial performance in 1Q of 2013-14. In a filing to the Colombo Stock Exchange, Dipped Products reported a growth in turnover of 13% equating to Rs. 6,329 m and a growth of 41% in profit before tax to Rs. 640 m for the three month period ending 30 June 2013, compared to Rs. 453 m PBT for the same period in the previous financial year. Elaborating on these results, Dipped Products Managing Director Dr. Mahesha Ranasoma said: “Overall performance improved during the period due to the prevalence of stable rubber prices, which consequently enabled DPL’s customers to consolidate sales with confidence. As a result, the Hand Protection sector posted a growth of 8% in turnover amounting to Rs. 3,727 m. Contribution to PBT from Hand Protection was Rs. 343 m compared to Rs. 300 m for the period in the previous financial year. Core contribution from Local Manufacturing remained significant with FOB turnover increasing by 14% to Rs. 2,085 m.” Sales of ICOGUANTI S.p.A, DPL’s Italian marketing company remained significant for the quarter, while Dipped Products Thailand (DPTL) recorded a volume growth of 8% and revenue growth of 16%. A strong contribution from Plantations enabled DPL to further strengthen its overall performance for the quarter. Dr. Mahesha Ranasoma noted that contribution to Group PBT from Plantations showed a profit of Rs. 297 m up from Rs. 153 m for the same period in the last financial year. On the whole, the Dipped Products Group posted a 40% improvement in PAT compared to 2012-13, with PAT standing at Rs. 530 m up from Rs. 379 m. Established in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5% share of the global market. The company’s products now reach 68 countries. The Board of Directors of Dipped Products PLC comprises A.M. Pandithage (Chairman), Dr. M. Ranasoma (Managing Director), N.Y. Fernando, R. Seevaratnam, F. Mohideen , K.A.L.S. Fernando, L.G.S. Gunawardena, S.C. Ganegoda , K.D.D. Perera, M. Bottino, R.M.T. Premarathna and V.R. Gunasekara.

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