Hayleys PLC records highest turnover of Rs 40 b in 2011/12

Ramani KANGARAARACHCHI

Hayleys PLC secured its position as one of the top export companies in the country recording the highest turnover of Rs 40 billion in 2011/12. Chairman and CEO Hayleys PLC Mohan Pandithage said a number of strategic actions have enabled the group to achieve these outstanding results.

Mohan Pandithage

He said the turnover of the company grew by 15 percent and the group profit before tax for the year was recorded Rs 4.8 billion.The major contributions to earnings have been from agriculture 17.6% of PBT, hand protection 39.1%, purification 14.7% and transport 13.8%. This reflects a stable core portfolio that has grown due to continued emphasis on value addition,expansions in capacity, innovation and new technology, diversification of markets and customer centric approach to business.

Pandithage said the group has laid the foundation for future growth by aligning itself to the high growth sectors in the economy. The broad strategy in recent years has been to drive innovation and value addition in the core businesses and strategically enter into new growth areas that have emerged in post war Sri Lanka.

The company has developed new products in hand protection to cater to demands of a dynamic industry. Complex value added gloves such as electricians' gloves, cut resistant gloves and chemical resistant gloves have been developed at DPL, giving an edge over competition despite the challenges of managing rising cost on production. New markets have been penetrated in recent years as traditional markets in Europe and the US are under constraints. DPL now has significant sales in key emerging economies such as Brazil and India. The sector recorded a PBT of Rs1.8 billion this year as a result.