Business Times

Hayleys reports 1Q, 2011-12 profit of Rs 854 million

Significantly better operational results from most sectors of business have enabled Hayleys PLC to make a vigorous start to FY 2011-12 with striking top and bottom line growth in the first quarter, the company said.

It said the pre-tax profit for the three months ending 30th June 2011 grew 60 % to Rs 854 million, while net profit was up 72 % to Rs 606 million, half of the preceding full year’s post-tax profit.
Turnover for the period improved 26 % to Rs 14.7 billion, and profit attributable to equity holders of the company also increased by 72 % to Rs 269 million.

Businesses in Hand Protection, Plantations, Transportation & Logistics generated notably stronger results over the corresponding three months of last year, while loss-making sectors such as Fibre achieved significantly improved positions, Hayleys Group Chairman Mohan Pandithage said. The Textiles sector, which suffered losses in FY 2010-11 due to the writing down of current assets to reflect net realizable values, contributed Rs 1.4 billion to turnover. This sector recorded a loss during the first quarter. However a recovery is expected during the latter part of the financial year, Mr. Pandithage said, according to the press release.

Purification Products contributed with a higher contribution to turnover and a useful contribution to operating profit despite challenging operating conditions. In the Leisure sector, the performance of Hotel Services (Ceylon) PLC was affected due to ongoing refurbishment of the Ceylon Continental hotel.

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