Hayleys PLC posted a turnover of Rs 16.6 billion in the six months ending September 30, 2008 but says profits fell over the corresponding period of last year due to a tough second quarter for its businesses in global markets and manufacturing.
Pre tax profits at Rs 741 million was down 16 % while post tax profit from discontinued operations declined 19 % to Rs 377.5 million. Profit attributable to equity holders of the company dipped 11 % to Rs 110 million, according to a company press release.
Elaborating on the Group's performance, Hayleys Chairman and CEO N. G. Wickremeratne said: "This result was due largely to the Group's Global Markets & Manufacturing businesses being beleaguered by escalating costs and a static US$/SL Rs exchange rate. Despite measures being taken to mitigate their effect, the erosion of margins continued." Losses from discontinued operations amounted to Rs 50.8 million.
The Group's exit from Consumer Durables will be complete by year- end.