Dipped Products acquires remaining stake of Icoguanti SpA
View(s):Dipped Products, a subsidiary of the Hayleys Group, has announced that it acquired the remaining stake of Italian glove marketer Icoguanti SpA for Rs. 535 million on the back of posting Rs. 22 billion in Group Turnover during the financial year 2015-16, a 21 per cent reduction from a year ago. Dipped Products PLC (DPL) Group Profit Before Tax (PBT) for the period was Rs. 648 million, a 64 per cent reduction from the Rs. 1,780 million recorded for the last year.
The Hand Protection segment contributed Rs. 12.7 billion to revenue, 15 per cent lower than the previous year. Contribution to PBT from the segment was at Rs. 549 million, 63 per cent lower from a year ago. The Plantation segment reported Rs. 9.5 billion in revenue, a 29 per cent reduction from the previous year and a PBT of Rs. 154 million, compared to Rs. 390 million posted for the last year, according to a company media release.
Dr. M. Ranasoma, Managing Director DPL commenting on the results said “it has been a very challenging year for DPL due to multiple factors including heightened competition from regional players and some of DPL’s key markets continuing to be sluggish”. He further stated that DPL’s manufacturing platform with its new factories in Biyagama Export Processing Zone are expected to contribute positively to Group performance in 2016/17 financial year. Established in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5 per cent share of the global market.