Hayleys Extends Positive Growth into Q3
Hayleys PLC reported strong Q3 2014/2015 results, in its filing to the Colombo Stock Exchange. Cumulative nine months profit before tax grew 25 percent over the corresponding period of the previous year. Consolidated group revenue in the third quarter grew 12 percent to Rs. 22.98 billion, with revenue for the nine months ending December 2014 increasing to Rs. 64.48 billion, a growth of 14 percent from the year before.
The Hand Protection sector recorded an increased PBIT of 68% in the nine months to December, recovering strongly from challenging circumstances in the previous year.
The Transportation and Logistics sector continued robust growth momentum, with PBIT increasing 28 percent year on year. Sector revenue increased to Rs. 10.5 billion for the nine month period, a 16 percent 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 unfavorable 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 percent year on year. The Fibre sector saw PBIT growing over two fold in the 9 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 Messrs Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Co-Chairman), Rizvi Zaheed, Nimal Perera, Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Lalin Samarawickrama, Dr. Mahesha Ranasoma, Mangala Goonatilleke, Ruwan Waidyaratne, and M. H. Jamaldeen,
