Dipped Products posts improved 1H results
Dipped Products PLC, (DPL) the Hayleys Group's rubber glove
manufacturing business, has posted striking top and bottom line growth
for the first half of 2011-12, with higher performance-based growth in
manufacturing and capital gains from the sale of shares in the second
quarter of the year.
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DPL’s
‘Samurai’ gloves in use. |
Helped by softening latex prices and strategic initiatives by
management, Local Manufacturing improved volumes by 10 per cent and
increased FOB turnover by 41 per cent to Rs 4.1 billion, enabling the
Hand Protection sector to contribute Rs 7 billion (up 27 per cent) to
the Group's six month turnover of Rs 9.6 billion.
Turnover from Dipped Products Thailand, the Group's medical glove
manufacturing operation was Rs 1.1 billion. Sales of ICOGUANTI S.p.A.,
DPL's Italian marketing company grew 16 per cent to Rs 2 billion.
The Plantation sector's contribution was Rs 3 billion including the
turnover of Mabroc Teas which was consolidated from this year.
According to financial statements released to the Colombo Stock
Exchange, the DPL Group's profit before tax for the six months ending
September 30, grew more than two fold over the corresponding six months
of last year to Rs 0.7 billion excluding capital gains. Capital gains
from the sale of shares was Rs 1.1 billion.
DPL Managing Director Dr. Mahesha Ranasoma said an emphasis in the
second quarter of the year on broadening the supply base, consolidating
direct collection of latex, balancing purchases of local and imported
latex and the Group's success in exciting some customers with new
products had helped this performance.
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