Business Times

Hayleys post-tax profits up marginally in 1st half 2011

Hayleys said this week that it has posted a pre-tax profit of Rs 1.2 billion on a turnover of Rs 24.8 billion for the first half of 2010-11. However post-tax profit for the period just marginally to Rs 830 million.

Turnover grew by 47 % over the corresponding six months of last year, with significantly higher volumes in key sectors such as Hand Protection, Purification and Transportation and the consolidation of contributions from increased shareholdings in sectors such as Textiles, Leisure and Plantations, the company said.

Hayleys Chairman Mohan Pandithage said that particularly strong first half results were generated by Plantations, Agriculture, Transportation and Purification Products.

“Plantations, which reported an operational loss of Rs 182 million in the first half of last year, posted an operational profit of Rs 227 million in the six months reviewed. Turnover improved by 126 per cent to Rs 2.3 billion,” he said in the statement.

Transportation sector generated a 117 % growth in operational profit, from Rs 116 million in the first half of last year to Rs 253 million in the six months reviewed. Purification Products contributed Rs 391 million to operational profit and Rs 3 billion to turnover.

Pandithage also reported the acquisition of 95 % equity in Alutec Anodizing & Machine Tools (Pvt) Ltd (Alumex Group) for Rs 2.18 billion in the current quarter. The Alumex Group is the market leader in the aluminum extrusions industry in which the company has a market share of nearly 55%.

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