Financial Times

International trade issues impact on Hayleys profits


Hayleys’ profits have been significantly affected by the group’s exposures to export markets which were ‘directly in the path of decelerating international trade and finance flows, declining industrial production and softening consumer demand’, the company said last week. It said Group consolidated turnover for the 12 months ending March 31, 2009 grew by nearly 5 % to Rs 32.4 billion.

Hayleys said post tax profit and losses from discontinued operations at Rs 803 million reflected a drop of 26 % and profit attributable to equity holders of the company was down 31 % to Rs 311 million.
The Group reduced the impact of discontinued operations, principally the Consumer Durables business to Rs 100 million from Rs 431 million in 2007-08.

There will be no carry-over of losses from Consumer Durables beyond March 31, 2009, the company statement said. Among the major contributors to Group performance with improved performances in the year under review were Hand Protection with Rs 9,463 million turnover and Rs 312 million profit, Purification Products with Rs 4,504 million turnover and Rs 406 million pofit and Agri Inputs with Rs 3,678 million turnover and Rs 213 million profit.

Transportation with Rs 3,800 million turnover and Rs 429 million profit and Plantations with Rs 2,433 million turnover and Rs 320 million profit also made significant contributions, although their performances were below those of the previous year.

Hayleys Group Chairman N. G. Wickremeratne, who retires in end - June, was quoted in the statement as saying that, “…In our estimation we have lost 5-7 percentage points off our margin in our different businesses since 2005, even after achieving cost reductions and productivity improvements that have been essential survival measures.”

Mohan Pandithage, currently Deputy Chairman, takes over as Chairman on Mr Wickremeratne’s retirement.

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