Hayleys says needs more time to assess COVID-19 impact; to remain resilient

Monday, 1 June 2020 00:20 - - {{hitsCtrl.values.hits}}

Interim financials for FY20 4Q pending
Reveals un-audited Group turnover of Rs. 209 b for FY20, down from Rs. 219 b last year
Diversity in terms of businesses, geographies likely to enable a degree of resilience: Chairman Pandithage

Hayleys PLC has said it needs more time to assess the impact of the COVID-19 on the Group though it has assured stakeholders it remains resilient.

Chairman and Chief Executive Mohan Pandithage

In a disclosure to the Colombo Stock Exchange (CSE), Hayleys PLC Chairman and Chief Executive Mohan Pandithage has said due to the present situation prevailing in the country in the wake of COVID-19 outbreak, the Company is unable to submit the Interim Financial Statements for the quarter ended 31 March 2020 to the CSE on the due date (31 May 2020) as per the Listing Rules.

Several other conglomerates such as John Keells Holdings, Aitken Spence and Expolanka Holdings have already released either audited or unaudited results.

However Pandithage disclosed that Hayleys’s turnover for the year ended 31 March 2020 of the Group was Rs. 209 billion (unaudited) and for the quarter ended 31 March 2020 it was Rs. 49 billion (unaudited). Group revenue in FY19 (unaudited) was Rs. 219.1 billion and for the 4th Quarter was Rs. 56.4 billion.

“Given the current uncertainty regarding the duration and intensity of the pandemic in Sri Lanka and globally, more time is required to assess and quantify the exact impact of COVID-19 on the Group's operations,” Pandithage said. “However, our diversity in terms of businesses and geographies is likely to enable a degree of resilience,” he added.It was also disclosed that strategies implemented to preserve liquidity and curtail losses will be reviewed on a weekly basis by the Group Management Committee and with the Board of Directors on a regular basis.

In message to investors, Pandithage requested them to continue to maintain the same level of confidence upon the company before the outbreak of the pandemic until interim financials are released as soon as possible.

“Further we confirm that we have informed the directors, key management personnel and other related parties who have access to unpublished price sensitive information to take additional precautions in the event such parties intend to trade during the delayed period of information submission,” Pandithage added.