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| Wednesday, 19 May 2004 |
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DPL posts over 150% pre-tax profit to Rs. 427 million Dipped Products Limited (DPL) has recorded a Rs 427 million pre-tax profit for the last financial year registering an increase of more than 150% on the previous year's earnings of Rs 269 million. The profit is the highest recorded profit to date by the Group. The company attributes a 52% increase in profitability from Hand Protection , continued strength in rubber prices and improvement in operational activities. The Group's turnover has also increased by 34% from Rs 3,682 million to Rs 4,929 million. This follows the full year's consolidation of the accounts of ICO Guanti SpA Genoa which was acquired by the Group in the previous year. The company has also recorded substantial revenue increases in the export sales of gloves and from the plantations. Chairman of Dipped Products Ltd, Sunil Mendis in his review on the annual performance said that the year's activity was helped by the lower cost of finance both in rupees and dollars. The finance cost for the year declined by nearly Rs. 40 million despite the major fund outlays on foreign investments in ICO Guanti and Dipped Products (Thailand) and further investments in Texnil. Mendis said that due to the continued good performance of Neoprex and Grossart, they could declare interim dividends of 200% and 100%. Venigros too declared an interim dividend of 50% and KVPL paid a first and final dividend of 15%. "The improvement we had anticipated in the global economic climate did manifest itself though continuing turmoil in Iraq and the Middle East threatened to undermine swift recovery and growth. Better economic prospects in Western countries, Japan and China has helped all segments of our business to perform well. Our priority this year will certainly be the commissioning of our most ambitious project of manufacturing medical gloves in Thailand" , he said. Managing Director of Dipped Products Ltd, N.G. Wickremeratne said that Kelani Valley Plantations will continue to invest substantially in forestry which will bring its rewards. (S.P) |
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