Business Times

Haycarb sales up at Rs 8.5 bln, pre-tax Rs 724 mln in 2011/12

Haycarb PLC has sustained performance in the fourth quarter of 2011-12 despite challenging external conditions and rising production costs to end the year on a positive note, the company said.
According to interim statements filed with the Colombo Stock Exchange, volume increases and continued focus on value added carbons enabled the Hayleys Group company to increase revenue by Rs 2.1 billion or 33 % to Rs 8.5 billion for the 12 months to 31st March 2012.

Profit before tax at Rs 724 million was on par with that of the previous year, principally due to the impact of high raw material prices in the first 9 months, resultant market conditions and rising conversion costs and overheads, the company said.

Net profit for the year improved by a marginal 3 % to Rs 590 million, and profit attributable to equity holders of the company increased nearly 7 % to Rs 539 million, the statement added. Haycarb and Hayleys Chairman Mohan Pandithage said the Haycarb Group had consolidated and sustained its performance.

"The consolidated profit of Rs. 724 million was achieved in the face of unprecedented increases in the price of the primary raw material, coconut charcoal, in all manufacturing locations," he said, explaining that the Haycarb Group adopted bold initiatives in its procurement strategy to ensure continuity of raw material supplies even at significant cost penalties during the first half of the year to retain the confidence of strategic and loyal customers across the globe.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Controversial NSB-TFC deal to be reversed this week
India’s ITC now finalises deal, Sheraton moves to Kollupitiya
Tug of war between Treasury and BOI hinders US$2 billion FDI target
SriLankan mulling over air taxi operations
EDB fracas continues, meets COPE on June 8
Comment - Lynch the culprits
Sri Lanka has one of the best tourism products in the world
President must act to nab and expose fraudsters
PBJ opposed to multi-tea blending proposals
German cruise liner aims to bring 4,000 visitors in Dec-March
Gearing the Colombo bourse for growth
Discussion on 'what happens in boardrooms"
Citrus Leisure appoints two new directors to its board
Senseless action by SL Govt. to permit duty-free imports of luxury yachts
Exports of accounting could exceed IT : SLASSCOM
Fitch assigns an "A (lka)" Rating for Sampath Leasing and Factoring Ltd
Emirates Group announces 24th consecutive year of profit
Vista Advertising bags top HP Award
Singer Finance net profit grows by 106% in 4th quarter
99X Technology wins' Arch of Europe' Gold Award for Quality and Technology
Union Assurance insurance premium details thro’ SMS
Etisalat and education
Baurs Healthcare unit annual convention
UNIDO tests hydrogen energy entry in Sri Lanka
Allegations against pharma
Lovell takes over as Union Bank's head honcho
Learning from mistakes is hard work
Sri Lanka slip-sliding on economic targets
Haycarb sales up at Rs 8.5 bln, pre-tax Rs 724 mln in 2011/12
Japanese funding for Balapitiya resort hotel
Cinnamon Lakeside Colombo listed as 'Most Valued Hospitality Brand'
Urgent need to improve Balance of Payments
Gulf Air ranked ‘Best Family Friendly Airline’ once again
Senior Minister urges taking advantage of Euro zone crisis
Amitha Gooneratne joins DCSL Group as the MD of Melstacorp Ltd
ComBank to link its ATMs to China UnionPay
DFCC Vardhana Bank's profits up
Thomas Cook Holidays returns to Sri Lanka through Sparklink
Nine respond to Trinco RFPs


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2012 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution