Dipped Products posts Rs. 22 b turnover

Thursday, 19 May 2016 00:52 - - {{hitsCtrl.values.hits}}

Dipped Products PLC (DPL) posted Rs. 22 billion in Group Turnover during the financial year 2015-16, a 21% reduction from a year ago. Group Profit Before Tax (PBT) for the period was Rs. 648 million, a 64% reduction from the Rs. 1,780 million recorded for the last year.

The Hand Protection segment contributed Rs. 12.7 billion to revenue, 15% lower than the previous year. Contribution to PBT from the segment was at Rs. 549 million, 63% lower from a year ago. The Plantation segment reported Rs. 9.5 billion in revenue, a 29% reduction from the previous year and a PBT of Rs. 154 million, compared to Rs. 390 million posted for the last year.

Dr. M. Ranasoma commenting on the results said, “It has been a very challenging year for DPL due to multiple factors including heightened competition from regional players and some of DPL’s key markets continuing to be sluggish.” He further stated that DPL’s manufacturing platform with its new factories in Biyagama Export Processing Zone are expected to contribute positively to Group performance in 2016/17 financial year.

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 Messrs. Mohan Pandithage (Chairman), Dr. K.I.M. Ranasoma (Managing Director), D.K. Welmillage, F. Mohideen, S.C. Ganegoda, Dhammika Perera, M. Bottino, S. Rajapakse, N.A.R.R.S Nanayakkara, S.P. Peiris, K.D.G. Gunaratne, H.S.R. Kariyawasan and S.M. Shaikh.