Dipped Products PLC has seen a complete turnaround of the medical glove operations of its Thailand arm Dipped Products (Thailand) PLC (DPTL) last year, according to senior company officials.
“DPTL substantially recovered in the second half of the year, (last year) reducing its losses form Rs 271 million in the previous year to Rs 159 million. A further provision of Rs 50 million was however thought prudent in Dipped Products PLC's accounts against its investment in DPTL due to that company's asset base being eroded by the losses incurred to date,” N. G. Wickramaratne, Chairman of the company has said in his annual statement.
He has said that DPTL saw losses of nearly the same level as the previous year up to the first half (and in line with the final result) but succeeded to run at beak even levels for the next six months. “It is heartening that the company has now completed the first quarter of the current year with a significant net profit,” Mr. Wickramaratne has said.
The profit attributable to the shareholders of Dipped Products reduced to Rs 363 million last year compared to Rs 371 million in the year 2007/2008. Mr. Wickramaratne has said that the profit from manufacturing operations in Sri Lanka improved 14% to Rs 203 million form Rs 264 million last year, but it could have been better, if not for the slowdoen in orders during the last quarter from the industrial segment of the market.
“The trade union action at the Venigros factory over several months of the year reduced output and adversely affected both revenue and profit.
He has said that the plantations sector recorded a pre-tax profit of Rs 294 million down by 36% from Rs 458 million in the earlier year. “The sharp reversal of tea and rubber prices form October 2008 to a two year low significantly eroded the profit margins in the last quarter.”
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