Haycarb Group records Rs 590 m PAT
Ramani KANGARAARACHCHI
The Haycarb Group has recorded a profit after tax of Rs.590 million
reflecting a growth of 3 percent over the previous year.
Chairman Haycarb Group Mohan Pandithage reviewing the annual report
for the year ended 31 March 2012 said the group has consolidated and
sustained its performance under a very challenging external environment.
He said the group turnover increased to Rs 8,509 million a 33 percent
growth over the previous year and recorded a profit before tax of Rs724
million. Therefore, the board has recommended a payment of a dividend of
Rs 5.50 per share considering the financial results for the year under
review and future prospects.
The consolidated profit of Rs724 million is achieved in the backdrop
of unprecedented increase in price of the primary raw material coconut
shell charcoal in all manufacturing locations. The Group also adopted
very bold initiatives in its procurement strategy in ensuring continuity
of the raw material supplies even at significant cost penalties during
the first half of the year.
During the second half of the year, the Group benefited from the
proactive strategy of investing in adequate raw material inventory
enabling to establish a very strong position in the local supply chain
activities in both Sri Lanka and Indonesia, Pandithage said.
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