Blue chip conglomerate Hayleys PLC posted a net profit of Rs.1.3 billion for the nine months ended 31 December 2009, the highest ever for the company, attributed to continued strong performances with its businesses in Global Markets and Manufacturing in the third quarter.
In a press release, the company stated that profit attributable to shareholders increased four and a half times to Rs.832 million over the corresponding period of 2008. Pre-tax profit for the period under review was up 61% to Rs.1.7 billion while turnover increased by 10% to Rs.27.2 billion. In a statement, Hayleys Chairman Mohan Pandithage said Hand Protection, Purification Products and the Fibre sectors had improved performances. The contribution from Textiles to profits had risen consequent to the Group's increased shareholding in Hayleys MGT Knitting Mills, although the latter's profits were slightly lower in the period under review.
Mr. Pandithage said Agri Products showed improved results in the Agri Sector. Agri Inputs continued to perform strongly and the Consumer Sector recorded an improvement over the first nine months of the previous year. He added that portfolio realignment initiatives also contributed to the profit achieved.
The overall improved performance from the Group has resulted in a marked increase in cash flow from operating activities.
Looking ahead, Mr. Pandithage affirmed that optimism for the Group's outlook for this financial year is endorsed by the results for the nine months ending 31 December 2009. "We remain committed to seeking new business opportunities in agriculture, transportation, power and leisure while other businesses will continue to explore avenues of expansion locally and overseas."
According to the press release, the Group's income statement for the nine months under review indicates that net finance costs were reduced by 31% to Rs.564 million. The Group's Earnings per Share increased by 351% to Rs.11.09 from Rs.2.46 a year earlier. Among the principal contributors to Group performance, Hand Protection accounted for Rs.6.7 billion in turnover and Rs.646 million in operating profit. Purification Products accounted for Rs.3.7 billion in turnover and Rs.518 million in operative profit while Agri inputs contributed Rs.3.4 billion and Rs.311 million in turnover and operating profits respectively. |
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