Financial Times

Haycarb losses rise
Haycarb has reported a loss for the three months ending September 30, its second successive quarterly loss owing to raw material shortages caused by a poor coconut crop, but a turnaround is expected with high crops in the months ahead.

“Coconut crops for the period November 2005 to March 2006 are envisaged to be unusually high, as evidenced by the nut availability seen during surveys, and therefore, the availability and the price of charcoal is expected to improve,” Haycarb chairman Rajan Yatawara said.

“Additionally, the company has taken steps to import from the plant in Sulawesi, Indonesia, dried and devolatalised charcoal, incurring significantly lower freight costs than importing raw charcoal from Sumatra, Indonesia,” he told shareholders in a statement accompanying the quarterly results.
Devolatalising is a process by which volatile material is removed from the charcoal.

The Hayleys subsidiary making coconut shell charcoal-based activated carbon made a net loss of Rs 42.6 million in the quarter ending September 30. 300.compared to a profit of Rs 37 million in the same 2004 quarter.

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