Hayleys profit, revenue increase

Sri Lanka's Hayleys Group has reported strong growth in turnover and profit in the first quarter of the year, traditionally its slowest period.

Pre-tax profit for the three months ending June 30, 2010 grew 42 percent to Rs 520.8 million on the back of improved performances from most sectors and consolidation in others, the Blue chip conglomerate, said in a filing with the Colombo Stock Exchange.

Profit after tax for the period grew 50 percent to Rs 340.4 million on a turnover of Rs 11.7 billion, which was up 58 percent over the corresponding three months of last year. Profit attributable to equity holders of the company improved by 20 per cent to Rs 150.7 million.

Hayleys Chairman Mohan Pandithage said the improved performance of the plantations, purification, agriculture and transport sectors primarily contributed to the Q1 performance.

Plantations, which suffered an operational loss of Rs 36.6 million in the first quarter of last year, recorded an operational profit of Rs 234.1 million in the period reviewed.

Turnover improved by 263 per cent to Rs 1.4 billion largely due to the consolidation of Talawakelle Tea Estates in the quarter reviewed.

Purification Products contributed Rs 204 million to operational profit and Rs 1.4 billion to turnover.

Agriculture, excluding plantations improved its contribution to operational profit to Rs 144.6 million.