Dipped Products Group records Rs. 1.4 b PBT in 3Q

Friday, 6 February 2015 01:01 - - {{hitsCtrl.values.hits}}

Dipped Products Plc (DPL) recorded a 22% increase in revenue for the nine months ending December 2014. Revenue for the period rose to Rs. 21 billion from Rs. 17 billion in the previous year with profit after tax surpassing the Rs. 1 billion mark. Segment wise, the Hand Protection segment grew 7% during the nine months ending December 2014, contributing Rs. 10.9 billion to turnover while the plantation sector added Rs. 10.8 billion to turnover, up 39%, partly as a result of consolidation of an additional three months up to 31 December 2014.

Group PBT rose 30% to Rs. 1.4 billion compared to Rs. 1.1 billion for the same period during the previous year. The Hand Protection segment saw a 36% increase in PBT amounting to Rs. 1.13 billion and the plantation segment Rs. 0.36 billion a 22% drop in PBT compared to previous year. Commenting on the results, DPL Managing Director Dr. Mahesha Ranasoma said: “We have been able to reach normal production levels at DPL Premier Gloves, which has allowed us to reduce order lead times significantly, thereby improving delivery efficiency to our customers.” DPL Premier Gloves in the Biyagama Free Trade Zone was incorporated in January 2014. Commenting further Dr. Ranasoma stated: “This has enabled us to surpass 1 billion PBT in the 3Q.” During the period one of the DPL’s production facilities installed a Reverse Osmosis plant and has now begun using water from the plant within the factory. The group is now exploring the opportunity to reuse and save water across all DPL production locations. The group’s overseas subsidiaries; DPL Thailand and Italian marketing company, ICOGUANTI S.p.A, continued to contribute positively towards the growth of the company. 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 Mohan Pandithage (Chairman), Dr. K. I. M. Ranasoma (Managing Director), R. K. Witanachchi (Deputy Managing Director), F. Mohideen, K. A. L. S. Fernando, S. C. Ganegoda, Dhammika Perera, M. Bottino, S. Rajapakse, N. A. R. R. S Nanayakkara and S. P. Peiris.