Haycarb PLC has sustained performance in the fourth quarter of 2011-12 despite challenging external conditions and rising production costs to end the year on a positive note, the company said.
According to interim statements filed with the Colombo Stock Exchange, volume increases and continued focus on value added carbons enabled the Hayleys Group company to increase revenue by Rs 2.1 billion or 33 % to Rs 8.5 billion for the 12 months to 31st March 2012.
Profit before tax at Rs 724 million was on par with that of the previous year, principally due to the impact of high raw material prices in the first 9 months, resultant market conditions and rising conversion costs and overheads, the company said.
Net profit for the year improved by a marginal 3 % to Rs 590 million, and profit attributable to equity holders of the company increased nearly 7 % to Rs 539 million, the statement added.
Haycarb and Hayleys Chairman Mohan Pandithage said the Haycarb Group had consolidated and sustained its performance.
"The consolidated profit of Rs. 724 million was achieved in the face of unprecedented increases in the price of the primary raw material, coconut charcoal, in all manufacturing locations," he said, explaining that the Haycarb Group adopted bold initiatives in its procurement strategy to ensure continuity of raw material supplies even at significant cost penalties during the first half of the year to retain the confidence of strategic and loyal customers across the globe.
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