Dipped Products records Rs. 7.88 b turnover; Rs. 221 m pre-tax profit in 1Q

Monday, 5 August 2019 01:03 - - {{hitsCtrl.values.hits}}

The Dipped Products Group (DPL) has posted Rs. 7.8 billion turnover and Rs. 221 million Profit before Tax (PBT) for the first quarter ended 30 June 2019.

In a statement, DPL said the Hand Protection segment posted a growth of 8% in turnover amounting to Rs. 4.4 billion and contributed Rs. 219 million to Group PBT. Revenue and profitability of ICOGUANTI S.p.A, DPL’s Italian marketing company, remained stable for the period despite higher cost of sales due to depreciation of Euro against USD during the quarter. Performance of Dipped Products (Thailand) Ltd. (DPTL), the Group’s medical glove manufacturing operation suffered due to price pressure from the regional manufacturers holding on prices on rising latex rates.

Commenting on the performance, DPL Managing Director Ng Soon Huat said: “The outlook for 2019/20 remains positive. We hope to drive volume growth in specialised gloves to mitigate the cost impact of increases in latex prices which will lead to narrowing of margins. Also the Group will continue to focus on productivity and TPM/Lean initiatives to eliminate waste.”

The Plantation segment reported Rs. 3.4 billion revenue. Plantation segment performance was affected by wage adjustment and low tea / rubber prices prevailed during the period.

Elaborating on the results, Dipped Products Group Chairman Mohan Pandithage said: “Overall performance of the Group is satisfactory given the tough market conditions and low commodity prices remained during the period.”

Established in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5% share of the global market. The company’s products now reach 70 countries.

The Board of Directors of Dipped Products PLC comprises Chairman Mohan Pandithage, Managing Director Ng Soon Huat, Dhammika Perera, Sarath Ganegoda, M. Bottino, F. Mohideen, S. Rajapakse, N.A.R. R. S Nanayakkara, S.P. Peiris, K.D.G. Gunaratne, H.S.R. Kariyawasan, R.H.P. Janadheera, R.N. Obeyesekere and K.M.D.I. Prasad.

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