Though record prices for latex hurt margins on Dipped Products’ (DPL) rubber glove manufacturing operations in Sri Lanka and Thailand by nearly 50 %, the Hayleys Group’s globally-significant hand protection business nevertheless reported post tax profit of Rs 218 million for the six months ending 30th September 2010, up 134 % over the first half of the previous year.
Turnover increased by 34 % to Rs 7,073 million, with revenue from Hand Protection improving by more than 30 % to Rs.5,529 million and from Plantations by 60 %t to Rs 1,860 million before adjusting for inter-segmental sales.
Profit before tax grew 66 % to Rs 275 million, an increase of Rs 109 million over the corresponding six months of 2009-10. Profit attributable to equity holders of the company improved by 36 % to Rs 152.4 million.
Dipped Products Thailand (DPTL) DPL’s medical glove manufacturing company, increased its turnover by 30 % to Rs 957 million in the review period, while ICOGUANTI S.p.A. the Group’s Italian marketing company posted revenue of Rs 1,768 million, a 15 % improvement.
“The results for the half year reflect the impact of internal initiatives to improve operational efficiencies and the continuous efforts to reduce cost,” said DPL’s Managing Director J. A. G. Anandarajah.