DPL profits up

Dipped Products Ltd (DPL) posted a profit of Rs. 557 million, up by 94 percent over Rs.286 million in the previous year, while the turnover moved up by 32 percent to Rs.9,413 million from Rs.7,109 million in 2005, backed by the hand protection and plantation sectors contributions.

N. G. Wickremaratne, Chairman, DPL, in his annual statement has said that the hand protection sector accounted for the major portion of the revenue increase.

“The profit of Rs.464 million from manufacturing operations in Sri Lanka was partly offset by the loss of Rs. 169 million incurred by DPL during the year,” he has said, adding that the consolidated group profit before tax amounted to Rs.775 million, which includes a profit of Rs. 22 million from the sale of land and Rs.37 million surplus arising on the acquisition of Hanwella Rubber Products Ltd.

DPL witnessed the profitability of Taxnil (exporting fabric supported gloves ) while the newly acquired Hanwella Rubber Products started to recover sooner than expected, Wickremaratne said. “Dipped Products Thailand is presently the only under performing operation requiring the full effort of the group, to pull through,” he has noted, adding that the expansion of the knitted seamless range and enhancement of the supported and unsupported glove capacities and manufacture of electrician gloves are some of the areas earmarked for early attention. “Separate teams are seeking ways to reduce working capital, energy usage and waste as also opportunities to improve productivity,” he said.