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Friday, 31 October 2014 01:12 - - {{hitsCtrl.values.hits}}
Dipped Products PLC (DPL), a leader in the global non-medical rubber glove market,reported positive bottom line growth over the six months ended September 2014.The Hayleys subsidiary’s six month results were positively influenced by the improved performance in Q2 supported by an increase in production volume from its new facilityin Biyagama.
Dipped Products Group reported a turnover of Rs. 15 billion and a profit before tax (PBT) of Rs.858 million for 1H ending 30 September 2014.
The Hand Protection sector recorded a turnover of Rs. 7.2 billion, compared to Rs.6.9 billion in 1H of 2013-14, whilst contribution from the sector to Group PBT amounted to Rs. 712 million, compared to Rs.520 million in the previous financial year.
With the new facility, DPL Premier Gloves Ltd. in the Biyagama Export Processing Zone contributing to increased production output during the 2nd quarter, DPL was able to reduce order lead times and restore customer confidence. DPL Premier Gloves will be adding more capacity for production of household gloves during 2H which is expected to further boost sales growth of the company. Furthermore, DPL has incorporated another subsidiary, namely DPL Universal Gloves Ltd. in August 2014. This entity will be focusing on manufacture of industrial gloves.
The Group’s overseas operations, Italian marketing company, ICOGUANTI S.p.A, continued its positive momentum in both turnover and profits. Dipped Products Thailand (DPTL) also made a positive contribution to Group performance.
Managing Director Dr. Ranasoma speaking on the outlook for the rest of the financial year commented: “We are looking forward to taking our business to greater heights with the additional capacity coming in. The planned expansion programme at Premier Gloves and the capacity from Universal Gloves will help boost our global market share.”
During the period, DPL also undertook a number of initiatives to fulfil its social and environmental obligations, including the installation and commissioning of a water purification and recycling plant using reverse osmosis technology at one of its facilities.
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 68 countries.
The Board of Directors of Dipped Products PLC comprises A. M. Pandithage (Chairman), Dr. K. I. M. Ranasoma (Managing Director), R. K. Witanachchi (Deputy Managing Director), F. Mohideen, K. A. L. S. Fernando, S. C. Ganegoda, Dhammika Perera, M. Bottino, S. Rajapakse, N. A. R. R. S. Nanayakkara and S. P. Peiris.
