Hayleys Group crosses US$ 1 bn turnover in FY2017/18

Building on a strong momentum gathered over the final quarter of FY 2017/18, Sri Lanka’s leading diversified conglomerate, Hayleys PLC says it ended the year with “a record breaking top-line performance” as revenue expanded by 47 per cent year-on-year (YoY) to Rs. 163.2 billion in the 12 months ending March 2018. 

The group posted strong operating profits which expanded by 18 per cent YoY to Rs.11.4 billion. “However, increased borrowings, combined with the prevalence of higher interest rate conditions throughout the financial year resulted in net finance costs increasing to Rs. 5.93 billion, leading to a reduction in profit before tax (PBT) to Rs. 5.76 billion during the period in review,” it said in a media statement on Monday which was also released to the Colomb0 Stock Exchange. The results included that of Singer Sri Lanka which was acquired by Hayleys, six months ago.

During the year in review, the Hayleys made numerous bold new investments across the sectors which the diversified conglomerate operates in, with a view to repositioning its subsidiaries to capitalize on new growth opportunities over the medium-long term. 
Commenting on the performance of the group over the past year, Hayleys Chairman/CEO, Mohan Pandithage commended the determined efforts of all of the group’s subsidiaries in achieving the $1 billion revenue milestone and outlined plans to leverage investments made during the period in review to generate new growth opportunities over the coming financial year. - ENDS