Hayleys pre-tax profit up 25% to Rs. 4.4b

Thursday, 12 February 2015 02:20 -     - {{hitsCtrl.values.hits}}

Hayleys Plc yesterday announced its cumulative nine months profit before tax grew by 25%to Rs. 4.4 billion over the corresponding period of the previous year. Consolidated group revenue in the third quarter grew 12% to Rs. 22.98 billion, withrevenue for the nine months ending December 2014 increasing to Rs. 64.48 billion, a growth of 14% from the year before. Net profit attributable to equity holders of the parent company was Rs. 1.7 billion, up from Rs. 1.2 billion a year earlier. Pre-tax profit in the third quarter was up by 88% to Rs. 1.3 billion and the bottom line improved to Rs. 735.7 million from Rs. 338.6 million in the third quarter of last year. The Hand Protection sector recorded an increased PBIT of68% in the nine months to December, recovering strongly from challenging circumstances in the previous year. Hayleys... The Transportation and Logistics sector continued robust growth momentum, withPBITincreasing 28% year on year. Sector revenue increased toRs. 10.5 billion for the nine month period, a 16% growth year on year. The Purification Products sector was adversely affected by continued high prices of its key raw material and adverse currency movements in exports markets in the Euro zone, Australia and Japan. Productivity improvements and lean manufacturing initiatives helped off-set some of these negative developments. The Agriculture sector bounced back in the third quarter after unfavourable weather conditions in the first half of the year. The Textiles sector and Fibre sector continued on a path of recovery. The Textile sector, represented by Hayleys MGT PLC, has implemented a series of reforms to improve its productivity and generate new innovations that will set the pace for future growth. Sector revenue rose to Rs. 6.5 billion, up 10% year on year. The Fibre sector saw PBIT growing over twofold in the nine-month period, compared to the previous year. The Construction Materials sector also continued its positive growth as PBIT increased 21% for the nine month period. The Board of Directors of Hayleys PLC comprises Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Co-Chairman), Rizvi Zaheed, Nimal Perera, SarathGanegoda, RajithaKariyawasan, Dr. Harsha Cabral PC,LalinSamarawickrama, Dr. MaheshaRanasoma, MangalaGoonatilleke, RuwanWaidyaratne and M.H. Jamaldeen.