Hayleys PLC, in a bid to expand its distribution network, is seeking to acquire or strike partnerships with foreign firms which are into distribution channels, company officials said.
They said that Hayleys with interests in Agriculture, Plantations, Consumer Products and Transportation turned in significantly better results in the year concluded, while among the best performing sectors in the year reviewed, Agriculture, excluding platations, contributed Rs 7.4 billion to turnover and Rs 721 million to operating profit.
They added that the company is bullish on its agriculture sector and the decision to expand the distribution channels is centred on better consolidating this sector. “Hayleys wants to focus more on this sector,” one official told the Business Times.
In results announced last week, Hayleys profit before tax for the 12 months ending 31st March 2011 was Rs 2.1 billion while profit after tax stood at Rs 1.2 billion and the topline saw a rise of 43% or Rs 16.4 billion over this period, mostly contributed by the Textiles and Fibre sectors.
Purification and Hand Protection saw a turnover of Rs 54.4 billion and profit before tax of Rs 2.1 billion but the two businesses in Global Markets and Manufacturing -- Textiles and Fibre had posted losses. The company said that the loss in the textiles business was largely due to the writing down of current assets to reflect the net realizable values. The loss in the fibre business on the other hand, was due mainly to debilitating raw material shortages.
Hayleys Chairman, Mohan Pandithage in his annual statement noted that Hayley’s Group’s Construction Materials sector, newly created after the Alumex acquisition, had contributed Rs 1.38 billion to turnover and Rs 137 million to operating profit since its acquisition on 4th November 2010.
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