Haycarb records turnover of Rs. 5.3 billion and profit before tax of Rs. 367 million for Q1 2019/20

The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 5.3 billion and profit before tax of Rs. 367 million for the first quarter of 2019/20. The profit after tax stood at Rs. 301 million.

Haycarb PLC Managing Director Mr. Rajitha Kariyawasan said, “Strong demand in the activated carbon market and the growth in the value added carbon portfolio resulted in noteworthy growth in turnover and profitability.” He further noted that availability of its raw material, coconut charcoal, in Indonesia and Sri Lanka continued to be stable during the first quarter. However the effect of shortages and high cost of raw material impacted the Thailand operations negatively.

Mr. Kariyawasan added that Puritas has consolidated its position as a superior provider of water and waste water purification solutions in Sri Lanka and in the region. In spite of challenges faced due to the adverse external economic environment in the markets that it operates, the environmental engineering arm is expected to contribute positively to the profitability of the Group.

Haycarb Group remains confident of its position of strength and strategic positioning in the coconut shell based activated carbon industry, regeneration services and the environmental engineering segment to continue the growth platform in the background of continued emphasis placed on environmental sustainability, standards and regulations globally.

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 and is a leading and technologically superior manufacturer in its chosen segment.

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