Hayleys Q1 revenues up, PBT above Rs. 1 billion
View(s):Hayleys PLC, posted Rs.1.03 billion in pre-tax profit (PBT) for the first quarter of the 2016/17 financial year. Revenue reached Rs. 24.13 billion (up from Rs.22 billion last year), the group said in a media release. According to the results posted on the Colombo Stock Exchange website, pre-tax profit in the corresponding 2015/16 quarter was slightly higher at Rs.1.19 billion while post-tax profit was Rs. 648 million, down from Rs. 922 million last year. The Agriculture, Purification Products, Construction Material,Eco Solutions, and Power and Energy Sectors saw appreciable profit growth over the same period in the previous year.
All sectors made positive contributions to the bottomline except for the Plantation sector, where industry-wide challenges continue to dampen sector performance, the company said in a media release. Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC, in his review commented on the acquisition of a 75 per cent equity stake in Fentons Ltd in mid-March 2016. “Both Hayleys and Fentons share a rich heritage and similar and strong value systems. We believe the acquisition will positively contribute to the group’s growth and profitability turnover, considering the growth in the country’s infrastructure and support services sector”.
He also commended the Puritas Sath Diyawara team who spearheaded the company’s corporate CSR initiative, for completing the installation of 11 water purification plants in the areas worst affected by Chronic Kidney Disease in the Anuradhapura, Polonnaruwa, Vavuniya and Mullaitivu districts, providing clean drinking water for over 25,000. Hayleys was awarded the prestigious Asia Responsible Entrepreneurship Award 2016 (AREA), in the Health Promotion and Social Empowerment categories. Powerful businessman Dhammika Perera, also Hayleys Co-Chairman, and interested parties control the company with a total 47 per cent stake.