Hayleys Posts Rs. 1.5 Billion in Q3 Profits
Hayleys PLC posted Rs. 1.5 billion in Profit before Tax (PBT) for the quarter. PBT for the nine months ending December 2015 was at Rs. 4.2 billion, whilst turnover reached Rs. 67.6 billion.
The Transportation and Logistics, Purification, Agriculture, Construction Materials, Industrial Inputs and Leisure segments of the business recorded growth during the period under review.
The Group’s results also reflect the challenges faced by the Plantations and Hand Protection sectors during the nine months in review. The Plantation sector faced a number of challenges during the year including the global commodities crash which caused lower tea and rubber prices and lackluster demand from traditional markets, compounded by inclement weather in Sri Lanka.
The Hand Protection sector also faced significant mixed challenges from the global market as Sri Lanka faced relatively higher input prices compared to competing countries. The company has already initiated a number of projects to move into more value added hand protection products to overcome the price sensitivity in the mass produced glove segments.
Mr. Mohan Pandithage, the Chairman and Chief Executive of Hayleys PLC stated, “Most of our businesses performed well during the 9 month period. In recent years we have strategically initiated programs that will help us enhance competitiveness and the results of some of these actions will be visible over the next few quarters.”
The Board of Directors of Hayleys PLC comprises Messrs Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Co-Chairman), RizviZaheed, Nimal Perera, SarathGanegoda, RajithaKariyawasan, Dr. Harsha Cabral PC, Dr. MaheshaRanasoma, MangalaGoonatilleke,LalinSamarawickrama, , RuwanWaidyaratne and HishamJamaldeen.
