Dipped Products Group maintains momentum with new facility

Saturday, 2 August 2014 00:03 -     - {{hitsCtrl.values.hits}}

Leader in the global non-medical rubber glove market, Dipped Products PLC, a subsidiary of the Hayleys Group, posted steady financial performance in 1Q 2014-15. In a filing to the Colombo Stock Exchange, Dipped Products reported a turnover of Rs. 8,741 m and a Profit Before Tax (PBT) of Rs. 441 m for the quarter ending 30 June 2014. Profit After Tax (PAT) for the period was Rs. 305 m. It is noted that plantations sector financial year changed to 31 March from 31 December effective from current financial year and hence six months results of the plantation sector is consolidated with group performance of 1Q. The Hand Protection sector recorded a turnover of Rs. 3, 445 m, compared to Rs. 3,727 m in 1Q of 2013-14, whilst contribution from the sector to Group PBT amounted to Rs. 315 m, compared to Rs. 345 m in the previous financial year. ICOGUANTI S.p.A, DPL’s Italian marketing company, demonstrated growth in both turnover and profits, while Dipped Products Thailand (DPTL) continued to sustain its contribution to Group performance. During the quarter, DPL Premier Gloves Ltd., which was incorporated in January 2014, commenced commercial operations. The Plantation sector turnover recorded Rs. 5,523 m, whilst PBT declined to Rs. 126 m, reflective of the cumulative effects of wage hikes and contraction in global rubber prices. The Plantation’s high turnover is attributable mainly to a change in the financial reporting period, with the consolidation of an additional three months. Dipped Products Managing Director Dr. Mahesh Ranasoma speaking on the outlook for the rest of the financial year commented: “Reducing the lead time on customer orders is our key priority right now.” He further noted that operations of DPL Premier Gloves are expected to reach full capacity towards the second half of the financial year. 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. 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.