Hayleys profit tops Rs 1.2 b for 2010-11
Hayleys PLC has reported turnover of Rs 54.4 billion and profit
before tax of Rs 2.1 billion for the 12 months ending March 31, 2011, a
year in which strong performances in most business sectors were
recorded.
Mohan Pandithage |
The conglomerate's businesses in Agriculture, Plantations, Consumer
Products and Transport turned in significantly better results in the
year concluded, while Purification and Hand Protection sustained
performance in challenging operating conditions, figures filed with the
Colombo Stock Exchange show.
Two businesses in Global Markets and Manufacturing - Textiles and
Fibre - posted losses. The loss in the textiles business was largely due
to the writing down of current assets to reflect the net realizable
values. The loss in the fibre business on the other hand, was due mainly
to debilitating raw material shortages.
Nevertheless, all business sectors, including Textiles and Fibre,
reported healthy revenue growth in the year under review, enabling
Hayleys PLC to improve its top line by a noteworthy 43 per cent or Rs
16.4 billion over the 12 months, underscoring the sustainability of the
group's business portfolio.
Profit before tax during the period under review was Rs 2.1 billion,
while profit after tax stood at Rs 1.2 billion.
A consolidation of the Group's interests in plantations with an
increase in its stake in Talawakelle Tea Estates PLC (TTEL), the forward
integration made possible by its acquisition of Mabroc Teas and the
acquisition of the Alumex Group had all contributed positively to the
results and would be significant to future growth, Hayleys Chairman,
Mohan Pandithage said. Citing an example, he pointed out that the
Group's Construction Materials sector, newly created after the Alumex
acquisition, had contributed Rs 1.38 billion to turnover and Rs 137
million to operating profit since its acquisition on November 4.
Among the best performing sectors in the year reviewed, Agriculture,
excluding plantations, contributed Rs 7.4 billion to turnover and Rs 721
million to operating profit, with growths of 27 per cent and 35 per cent
respectively.
The Plantations sector, which contributed Rs 16 million to operating
profit in 2009-10, increased its contribution to Rs 632 million.
Turnover in this sector improved by 90.5 per cent to Rs 4.6 billion due
to the increase in the Group's shareholding in Hayleys Plantation
Services Ltd.
The turned-around Consumer Products sector achieved an 8.6 per cent
increase in its contribution to turnover (Rs 3.8 billion) and a 32 per
cent improvement in its contribution to operating profit (Rs 236.7
million). |