Sri Lankan multinational, Hayleys PLC, has recorded outstanding growth in revenue and operating profits in the financial year ended March 2019 (FY18/19) with group revenue expanding by 34 per cent YoY to Rs. 219 billion while operating profit before interest increased by 40 per cent YOY to Rs.15.9 billion.
However the group’s Profit Before Tax (PBT) reflects a 5 per cent Year-on-Year (YoY) contraction to Rs. 5.5 billion, it said in a media release.
Group Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) for FY 18/19 improved to Rs. 21.3 billion from Rs.15.8 billion while Finance Cost has increased from Rs.5.9 billion to Rs. 10.5 billion. In terms of revenue generation, the group’s Consumer and Retail segment, which includes Singer (Sri Lanka) PLC recorded a turnover of Rs. 67.2 billion compared with Rs.35.9 billion in the previous year.
The Transportation and Logistics segment generated Rs. 45.3 billion in turnover, from Rs. 35.6 billion in FY17/18.
In terms of segment results, the group’s Consumer and retail segment made a contribution of Rs. 4.1 billion to group operating profits despite margins being pressured as a result of import restrictions which came into effect during the year in review and a negative impact on the finance costs, the release said.
The group’s Transportation and Logistics segment posted operating profits of Rs. 3.6 billion, over the previous Rs. 2.9 billion. The Agriculture sector reported an improved operating profit of Rs. 1.71 billion, against Rs. 1.15 billion in FY17/18.
The Plantations sector generated revenues of Rs. 13 billion, against a previous Rs. 12.6 billion and contained its reduction in operating profits to Rs. 737 million compared with Rs. 887 million in FY17/18.
However, increased net finance costs constrained bottom line performance at Hayleys as costs increased by 77 per cent YoY to Rs. 10.5 billion in FY18/19, largely as a result of rising interest costs, consolidation of finance costs of Singer (Sri Lanka) PLC and acquisition cost of recently acquired businesses.
“As one of Sri Lanka’s single largest sources of value added exports, the Hayleys Group continues to be a major contributor to the Sri Lanka’s economy. Moving forward, the group will continue to take strategic and focused measures aimed at rationalizing finances, however as a group, we are ready for a challenging macroeconomic environment,” Hayleys PLC Chairman and Chief Executive Mohan Pandithage said.- ENDS -
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