Sri Lanka’s Haycarb reaches Rs. 1 bln post-tax profit in 2012/13
View(s):Haycarb PLC, the coconut shell based activated carbon manufacturer and exporter, has 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, according to a company statement to the media.
Haycarb in 2012/13 recorded revenue of Rs. 10.1 billion, up from Rs. 8.5 billion in the previous financial year. Its pre-tax profit of Rs. 1.22 billion and post-tax profit of Rs. 1.03 billion was against Rs. 657 million and Rs. 523 million, respectively in the earlier year.
The statement said Haycarb with manufacturing facilities in Sri Lanka, Thailand and Indonesia supported by marketing offices in the UK, Australia and USA, has 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 stated that the strong customer relationships the company has nurtured based on mutual trust and good governance principles helped to retain key customers. Successful market penetration strategies, enbled 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, he said. “Our marketing subsidiaries in Europe, Australia and in the USA brought in worthwhile contributions to both top and bottom lines,” Mr. Kariyawasan stated.
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