Dipped Products posts Rs. 5.4 b 1Q turnover

Wednesday, 10 August 2016 00:03 - - {{hitsCtrl.values.hits}}

Dipped Products PLC (DPL) posted Rs. 5.4 billion in Group Turnover during the 1Q 2016-17, compared to Rs. 5.7 billion for the same period of the previous year. Group Profit before Tax (PBT) for the period was Rs. 12.5 million, from Rs. 176 million recorded for the 1Q last year.

The Hand Protection segment contributed Rs. 3.21 billion to revenue, a 1% increase against 1Q in 2015-16. Contribution to PBT from the segment was at Rs. 134 million, 32% lower for the same period of the previous year. The Plantation segment reported Rs. 2.26 billion in revenue, a 13% reduction from the previous year and a loss of Rs. 122 million, compared to a loss of Rs. 20 million posted for the 1Q last year.

Dr. M. Ranasoma commenting on the Hand Protection sector results said, “Our industrial glove manufacturing facility, DPL Universal Gloves has begun commercial production and we are now in a position to step up serving customer orders.”

The low tea crop recorded and the lower rubber prices prevailed during the period impacted negatively to the Plantation sector performance.

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), 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.