Haycarb surpasses Rs one bn PAT
Haycarb PLC, the coconut shell based activated carbon manufacturer
and exporter, posted a record performance in the financial year 2012/13.
Outpacing growing challenges in traditional markets and rising costs
of production, the Hayleys Group's multinational activated carbon
business noted significant achievement of several key performance
milestones in an interim statement filed with the Colombo Stock
Exchange.
Mohan Pandithage - Chairman, Below - Rajitha Kariyawasan -
Managing Director |
Haycarb in 2012/13 recorded revenue of Rs. 10.1 billion, up from Rs.
8.5 billion in the previous financial year. Significantly, the company
posted profit before tax of Rs. 1.22 billion and profit after tax of Rs.
1.03billion compared to Rs. 657 million and Rs. 523 million in the
preceding year. Earnings per share of equity holders of the company
doubled to Rs. 31.50, compared to the previous financial year.
Haycarb, the pioneer manufacturer of activated carbon in any coconut
producing country, with manufacturing facilities in Sri Lanka, Thailand
and Indonesia supported by marketing offices in the UK, Australia and
USA, contributed significantly to the national economy through foreign
exchange earnings in excess of Rs. 5 billion whilst increasing emphasis
in product innovation, market development and substantial investments in
expanding its global manufacturing footprint.
Haycarb PLC and Hayleys PLC Chairman, Mohan Pandithage said the
company has posted exceptional results to surpass Rs one bn in profit
after tax in spite of the economic slowdown that affected some of the
major export markets. "The strong customer relationships we have
nurtured based on mutual trust and our good governance principles
assisted the company to retain key customers, and the successful market
penetration strategies, enabled the company to operate at full capacity,
a key driver that contributed to sustain and grow its performance" he
said.
Haycarb PLC Managing Director Rajitha Kariyawasan attributed
concentrated efforts on marketing, sales and new business development,
emphasis on driving high margin and value added products, full capacity
operations together with extensive programmes on waste reduction and
productivity enhancements as key to the year-end performance. "Despite
contraction and stagnation of demand from our traditional markets, our
sales teams and active distributorships worked aggressively to expand
our market share. We also had to overcome other external challenges of
rising fuel costs, wage costs and overheads".
During the year, Haycarb manufacturing operations in Sri Lanka,
Indonesia and Thailand recorded exceptional performances, with some
achieving the best results in their history. "Our marketing subsidiaries
in Europe, Australia and in the USA brought in worthwhile contributions
to both top and bottom lines", Kariyawasan said.
"The relative stability of pricing of our key raw material coconut
shell charcoal, and the devaluation of the currencies in Sri Lanka and
that of our other Asian manufacturing locations helped us favourably,
where the net benefits could be passed on to customers through price
adjustments to protect and grow our sales base," he added.
During the year, Haycarb PLC through its joint venture in Thailand,
Carbokarn Company Ltd, purchased 100% equity of Shizuka Company Ltd.
Thailand, expanding the activated carbon manufacturing capacity of the
Group. |