Haycarb ups 1H pre-tax profit by 10% to Rs. 458 m

Thursday, 3 November 2016 00:03 - - {{hitsCtrl.values.hits}}

The Sri Lankan multinational Haycarb PLC reported a revenue of Rs. 5.9 b and profit before tax of Rs. 458 m for the six months ending 30 September 2016. The profit after tax stood at Rs. 374 m. The turnover increased by 8%, while the profit before tax and after tax recorded a growth of 10% and 7% respectively, compared to the first half of the previous year.

Haycarb PLC Managing Director Rajitha Kariyawasan said that while the company’s initiatives to strengthen raw material supply chain networks in Sri Lanka and Thailand have made progress, the raw material supply chain in Indonesia faced setbacks due to adverse weather conditions and increased exports of charcoal.

He further said, “While depressed conditions in the gold mining sector continues to impact the profitability, the raw material situation in Indonesia will be an additional challenge the company will have to contend with in the short term. On a positive note, he added that successes in marketing and new product development initiatives resulting in the acquisition of new customer accounts and product segments increased the market reach of the company which is reflected in the improved top and bottom line. This was complemented by lean initiatives that streamlined processes which brought in cost efficiencies and productivity improvements.” He expressed confidence that the environmental engineering arm Puritas ltd, will continue on its strong growth trajectory in the second half of the year.

In the background of increasing emphasis on environmental sustainability worldwide Haycarb remains positive in its medium to long term outlook in its activated carbon and water treatment systems businesses.

Haycarb is the pioneer manufacturer of coconut shell activated carbon in any coconut producing country with manufacturing facilities in Sri Lanka, Thailand and Indonesia supported by marketing offices in the USA, UK and Australia. The company contributes net foreign exchange revenues with its value adding processes whilst remaining a leading and technologically superior manufacturer in its chosen segment.

The Board of Directors of Haycarb PLC comprises of Chairman Mohan Pandithage, Managing Director Rajitha Kariyawasan, Dhammika Perera, Arjun Senaratna, Sarath Ganegoda, Jeevani Abeyratne, Dushantha Ranaraja, Nimal Perera, Dr. Sarath Abayawardana, Sujeewa Rajapakse, M. S. P. Udaya Kumara, Brahman Balaratnarajah, Ali Asgar Caderbhoy, Sharmila Ragunathan and James Naylor.