Haycarb maintains growth in 1Q, 2009/10

Higher local output made possible by improved raw material supply has combined with better prices generated by value added products to help Haycarb PLC continue its performance of 2008-09 into the first quarter of the current year.

Releasing results for the three months ending June 30, 2009 to the Colombo Stock Exchange this week, the Hayleys Group's activated carbon manufacturing business reported profit after tax of Rs 102.4 million, a growth of 58 percent.

Revenue grew 17 percent to Rs 1,244.5 million, and profit before tax increased by 91 percent to Rs 118.5 million, the company said.

Haycarb Managing Director Ananda Hettiarachchy said that although the company's local manufacturing operation was able to produce higher volumes as a result of better availability of charcoal in comparison to the previous year, Haycarb had to continue to import charcoal at a higher cost to maximize utilization of capacity.