Dipped Products Group 1Q turnover up 16%

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Dipped Products Group (DPL), part of the Hayleys conglomerate, has reported turnover from hand protection products of Rs 3.4 billion in 1Q 2012-13. The group’s plantations sector contributed Rs 2.3 billion, (both inclusive of inter-segment sales), with the consolidation of turnover from Hayleys Plantation Services, owners of Talawakelle Tea Estates.

Despite these improvements, DPL’s consolidated profit before tax for the three months ending 30th June 2012 fell by 30 per cent to Rs 397 million, due to a substantially lower contribution from plantations as a result of lower rubber prices, a drop in tea and rubber volumes and increased wages. The plantation sector’s contribution to pre-tax profit reduced from Rs 294 million in 1Q 2011-12 to Rs 104 million in the quarter under review, a decline of 64 per cent.

Elaborating on these results, Dipped Products Managing Director Dr. Mahesha Ranasoma said hand protection had contributed Rs 293 million to profit before tax, an improvement of seven per cent. One of the highlights of the quarter reviewed was the commissioning of a bio-mass heater at Hanwella Rubber Products to reduce energy costs, he said.Sales of ICOGUANTI S.p.A, DPL’s Italian marketing company rose 13 per cent to Rs 1 billion, while Dipped Products Thailand (DPTL) recorded a turnover of Rs 575 million.

The DPL Group comprises Dipped Products-owned manufacturing subsidiaries in Sri Lanka and Thailand, the marketing company in Italy and the plantations companies Kelani Valley Plantations PLC (KVPL) and Hayleys Plantation Services (owners of Talawakelle Tea Estates PLC).

Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a five per cent share of the global market. The company’s products now reach 70 countries.

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