Hayleys posts PBT of Rs 3.6 bn in 3Q
Strong growth in the third quarter of 2012-13 has enhanced Hayleys
PLC’s nine month performance, enabling the Blue chip conglomerate to
report wholesome revenue and profit gains for the period.
Turnover for the nine months ending December 31, 2012 improved by a
robust 12 percent to Rs 52 billion, and profit before tax grew 63
percent to Rs 3.6 billion from Rs 2.2 billion before capital gains,
reported in the corresponding period of the previous year.
Net profit for the three quarters was Rs 2.6 billion as against Rs
1.4 billion excluding capital gains, at the end of the third quarter of
Hayleys Chairman Mohan Pandithage attributed these results to strong
growth in all core operations and efficient management of cost of sales.
Performance in the December quarter was particularly noteworthy, with
profit before tax growth of 116 percent, he disclosed.
“Despite a weak global economy, our export sectors performed well due
to concerted efforts in product and market development, and streamlined
operations,” Pandithage added.
“Our manufacturing companies have continued to innovate and invest in
research and development to ensure sustained demand for our products.
As a result, sectors such as Hand Protection, Purification and
Construction Materials have performed well.”
Hand Protection (Rs 10.9 billion), Purification Products (Rs 8
billion), Plantations (Rs 6.4 billion), Agriculture (Rs 5 billion),
Transportation & Logistics (Rs 4.9 billion) and Fibre (Rs 3.7 billion)
were the leading contributors to the Group’s turnover in the period
Pandithage said agriculture faced challenges due to extremes of
weather throughout the review period, with a drought followed by floods
in the third quarter.
Nonetheless, the Hayleys Agriculture and Plantations sectors had
performed in a creditable manner during the first nine months of the
The Transportation & Logistics sector showed strong growth as did the
Construction Materials sector and the Amaya Group. The Power and Energy
sector also turned in a noteworthy performance in the first nine months.
“The newly refurbished Ceylon Continental Hotel, rebranded as The
Kingsbury, commenced operations in December and is expected to make a
strong contribution to earnings in the future,” Pandithage said.