Dipped Products Group posts strong 1Q returns for 2013-14
View(s):Dipped Products PLC, a Hayleys Group subsidiary, posted strong financial performance for the first quarter of the 2013-14 financial year.
Dipped Products reported a growth in turnover of 13 per cent to Rs. 6.3 billion and a growth of 41 per cent in pre-tax profit to Rs. 640 million for quarter to 30th June, compared to a pre-tax profit of Rs. 453 million in the same period of the previous financial year. In a media statement, Dipped Products Managing Director Dr. Mahesha Ranasoma said the overall performance improved during the period due to the prevalence of stable rubber prices, which consequently enabled DPL’s customers to consolidate sales with confidence.
As a result, the Hand Protection sector posted a growth of 8 per cent in turnover amounting to Rs. 3.7 billion. Sales of ICOGUANTI S.p.A, DPL’s Italian marketing company remained significant for the quarter, while Dipped Products Thailand (DPTL) recorded a volume growth of 8 per cent and revenue growth of 16 per cent.
A strong contribution from Plantations enabled DPL to further strengthen its overall performance for the quarter.
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