Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Tuesday, 22 September 2020 01:05 - - {{hitsCtrl.values.hits}}
Hayleys PLC dominated turnover yesterday at the CSE with 2 million of its shares traded for Rs. 467.3 million accounting for 13% of the total.
Daily FT learns Finco had bought the shares (amounting to 2.6% stake) done via two crossings at Rs. 230 per share.
The seller was LOLC.
New interest triggered Hayleys share price to close at Rs. 234.80, up by Rs. 10.50 or near 5%. Hayleys net assets per share as at 30 June 2020 was Rs. 528/45, up from Rs. 517.06 a year ago.
LOLC with 1.7 million shares or 2.27% stake was the fourth largest shareholder at business leader Dhammika Perera-controlled Hayleys whilst LOLC group entity Commercial Leasing and Finance held near 1% stake.
Market speculation was that for Finco it was the first buy of Hayleys shares on the improved outlook for the diversified blue chip given its exposure to exports which are doing well post-COVID.
Despite turnover declining by 8% to Rs. 48.2 million in the first quarter of FY21, Hayleys saw results from operating activities rise by 11% to Rs. 3.6 billion and pre-tax profit of Rs. 1.17 billion, as against Rs. 285 million a year earlier. Post-tax profit was Rs. 561.7 million in comparison to a loss of Rs. 74 million. Nevertheless Hayleys bottom line was a negative Rs. 285 million though lower in comparison to Rs. 548 million in 1Q of FY20.
Hayleys Purification products posted a profit of Rs. 1.09 billion as against Rs. 445.4 million, hand protection posted Rs. 673 million, up from Rs. 269.5 million, plantations increased profit from Rs. 58 million to Rs. 379.8 million. Consumer and retail managed to retain its profit at Rs. 1.17 billion, slightly above Rs. 1.08 billion posted in 1Q of FY20.
