Hayleys results similar to 1Q

The second quarter's performance was similar to that of the first quarter.

The Rupee continued to be strong and Rupee depreciation lagged well behind the inflation induced cost increases impacting on export companies, said Chairman and Chief Executive, Hayleys Limited Rajan Yatawara announcing their second quarters results. The Transportation Segment in particular, and the Inland Marketing Sector (comprising Agri-inputs, Industry-inputs and Consumer products), performed strongly. Hand Protection and Plantations also provided worthwhile contributions.

Coconut crops in the May-July period, which provide the Carbon and Fibre industries with raw materials for the second quarter, were delayed by 2 months, causing a decline in the performance of these two segments.

There was an improvement in the share of profits from Associates, notably from Hayleys MGT.