Haycarb turnover and profits up in 3Q

Friday, 10 February 2017 00:00 - - {{hitsCtrl.values.hits}}

Haycarb PLC, the Sri Lankan multinational of Hayleys PLC reported revenue of Rs. 9.4 billion and profit before tax of Rs. 768 million for nine months ending 31 December 2016.

The profit after tax stood at Rs. 646 million. The turnover increased by 12%, while the profit before tax and after tax recorded a growth of 9% and 8% respectively compared to the comparative period last year.

Haycarb PLC Managing Director Rajitha Kariyawasan said that the company continued to face challenges in some locations due to the shortage of charcoal that was driven by adverse weather conditions that prevailed in 2016. However, the company’s initiatives to strengthen raw material supply chain networks in other key locations contributed to sustaining charcoal supplies to support Group’s growing demand.

Kariyawasan further said: “The company continues to invest in acquisition of new customer accounts and product segments backed by continued focus on product development and commercialization of value added products that shows positive results. We also continued to expand sales volumes globally in our key markets.

The challenges of cost increases were partially offset through lean and productivity improvement measures that resulted in increased efficiencies in processes and supply chain.”

He further noted that the Environmental Engineering arm, Puritas Ltd., continued to make steady progress increasing its regional presence and is expected to continue its growth momentum.

Commenting on the future prospects and growth of the Group Kariyawasan said that the company remains positive to achieve medium to long term growth in the background of increasing emphasis on environmental sustainability worldwide through the execution of its strategic plan for growth and diversification.

Haycarb is the pioneer manufacturer of coconut shell activated carbon in any coconut producing country with manufacturing facilities in Sri Lanka, Thailand and Indonesia supported by marketing offices in the USA, UK and Australia. The company contributes net foreign exchange revenues with its value adding processes whilst remaining a leading and technologically superior manufacturer in its chosen segment.

The Board of Directors of Haycarb PLC comprises Mohan Pandithage – Chairman, Rajitha Kariyawasan – Managing Director, Dhammika Perera, Arjun Senaratna, Sarath Ganegoda, Jeevani Abeyratne, Nimal Perera, Dr. Sarath Abayawardana, Sujeewa Rajapakse, M.S.P. Udaya Kumara, Brahman Balaratnarajah, Ali Asgar Caderbhoy, Sharmila Ragunathan and James Naylor.