Haycarb reports 3Q PBT of Rs 805 million
View(s):Haycarb PLC, the Hayleys Group’s global activated carbon manufacturer, says it has ‘maintained the momentum of revenue and profit growth’ in the third quarter, despite challenges in traditional markets.
The company, in a media statement, reported revenue of Rs 8 billion for the nine months ending 31st December 2012, and profit before tax of Rs 805 million for the same period, in a performance attributed to maximum capacity utilisation, value addition an the development of new markets.
Haycarb said net profit for the nine months was Rs 683 million, and profit attributable to equity holders of the company was Rs 619 million.
Haycarb PLC Managing Director Rajitha Kariyawasan said the company ran all manufacturing plants at optimum capacity during the review period and focussed extra attention on developing new markets outside traditional geographies. In addition, continued emphasis on value added carbons, further complemented by the devaluation of the Rupee, enabled the company to maintain overall margins, he said.
“Haycarb has continued its strategy of investing in charcoal inventory with significant working capital funding to ensure supply security. The softening of charcoal prices was adequately passed on to customers worldwide, safeguarding the company’s market share and growth initiatives,” Mr. Kariyawasan was quoted as saying.
Haycarb increased its activated carbon manufacturing capacity by 2,500 MT in the period under review with the acquisition of a second plant in Thailand, and will pursue strategy initiatives to expand capacity in new locations in Indonesia coupled with continued emphasis on value addition projects in Sri Lanka, he disclosed.
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