Haycarb reports PBT of Rs. 256 million for Q1 of 2013/14
View(s):Haycarb PLC, Hayleys Group’s multinational business, says it achieved a stable performance in the first quarter of financial year 2013/14.
In results released to the Colombo Stock Exchange, Haycarb reported a turnover of Rs. 2.5 billion and profit before tax of Rs. 256 million for the three months ending 30th June 2013. Profit after tax recorded for the quarter was Rs. 210 million, out of which profit attributable to the equity holders of the company was Rs. 200 million, a company statement said.
Haycarb PLC’s Managing Director, Rajitha Kariyawasan explained that the significant price reduction offered during the past year and the current quarter to pass the benefit of the decreasing raw material prices to customers resulted in a decline of revenue in comparison with the first quarter of the previous year whilst retaining strong sales volumes.
The price of the main raw material, coconut charcoal, increased in Sri Lanka and in India in the three months under review due to the drop in coconut crop production whilst the supply and demand dynamics is expected to result in an increase in charcoal prices in Indonesia.
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