Hayleys posts Rs. 2.7 b pre-tax profit in 1H

Tuesday, 10 November 2015 00:54 - - {{hitsCtrl.values.hits}}

Company says performs strongly despite challenging operating environment

Hayleys PLC has recorded Profit before Tax (PBT) of Rs. 2.7 billion for the six months ending September 2015, same as in the corresponding period of last year.

The bottom line was supported by strong results from the Transportation and Logistics, Agriculture, Purification Products, Leisure, Textiles, Construction Materials and Industrial Inputs sectors.

The Transportation and Logistics sector contributed a notable increase to the bottom line during the six month period from the BUP_DFT_DFT-1-4 previous year as the sector continues to grow its business interest through new business opportunities and increasing existing business lines.

Agriculture sector profitability rose significantly from the previous year as it continued to expand its agro base and diversify into new high export potential crops like seaweed.

The Purification Products sector also posted robust results as local and global demand for purification products continued to rise in the six-month period. The Textiles Sector continued its growth momentum after its successful restructuring and re-launch under a new corporate identity, Hayleys Fabric.

The multiple issues faced by the Plantation sector, including lower prices for commodities in the world market and inclement weather saw the sector incur a loss during the six-month period.

Hayleys PLC Chairman and Chief Executive Mohan Pandithagestated: “Most of the sectors continue to perform strongly despite a challenging operating environment, indicative of the resilience of the Group. We look forward to gaining momentum during the remainder of the year.”

The Board of Directors of Hayleys PLC comprises Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Co-Chairman), Rizvi Zaheed, Nimal Perera, Sarath Ganegoda, RajithaKariyawasan, Dr. Harsha Cabral PC, Lalin Samarawickrama, Dr. MaheshaRanasoma, Mangala Goonatilleke, RuwanWaidyaratne and M. H. Jamaldeen.