Hayleys Q1 revenues up, PBT above Rs. 1 billion

Wednesday, 10 August 2016 00:00 - - {{hitsCtrl.values.hits}}

Untitled-1 Hayleys PLCposted Rs.1.03 billion in Profits Before Tax (PBT) for the first quarter of the 2016/17 financial year. Revenue reached Rs. 24.13 billion, continuing the topline growth momentum from the last financial year.

The Agriculture, Purification Products, Construction Material,Eco Solutions, and Power & Energy Sectors saw appreciable profit growth over the same period in the previous year. All sectorsmade positive contributions to the bottom-line except for the Plantation sector, where industry-wide challenges continue to dampen sector performance.

During the period, the Leisure Sector acquired a Maldivian luxury resort in the South Ari Atoll close to the popular KudarahThila dive site. The Kudarah Island Resort which has 51 luxury villas is the Group’s first leisure sector investment outside Sri Lanka and will be operated under its flagship Amaya Resorts and Spas.

Hayleys PLC Chairman and Chief Executive Mohan Pandithage stated: “The acquisition of the Kudarah Island Resort fulfills a long felt need to operate a resort in the Maldives to compliment the diversity we offer under our Leisure Sector.”

Pandithage also commenting on the acquisition of a 75% equity stake in Fentons Ltd. in mid-March 2016 said: “Both Hayleys and Fentons share a rich heritage and similar and strong value systems. We believe the acquisition will positively contribute to the Group’s growth and profitability turnover, ‘considering the growth in the country’s infrastructure and support services sector. Fentons Group is a 95-year-old company with expertise in integrated solutions for Building Systems Infrastructure, ICT infrastructure and fire protection that will extend our scope in the Construction sector.

“I would also like to commend the PuritasSathDiyawara team who spearheaded our corporate CSR initiative, for completing the installation of 11 water purification plants in the areas worst affected by Chronic Kidney Disease in the Anuradhapura, Polonnaruwa, Vavuniya and Mullaitivu districts, providing clean drinking water for over 25,000 people living across 16 villages.” Hayleys PuritasSathDiyawara was awarded the prestigious Asia Responsible Entrepreneurship Award 2016 (AREA), in the Health Promotion and Social Empowerment categories.”

“We are confident that our recent acquisitions and our current strategic direction will set the stage for another high performing yearfor the Hayleys Group,” Pandithage added.

The Board of Directors of Hayleys PLC comprises Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Co-Chairman), Rizvi Zaheed, Nimal Perera, Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Dr. MaheshaRanasoma, Lalin Samarawickrama, Ruwan Waidyaratne and HishamJamaldeen.