Hayleys triples 1H pre-tax profit to Rs. 3.6 b

Hayleys PLC has reported profit before tax of Rs. 3.6 billion for the six months ending 30 September 2011, nearly triple that of the first half of 2010-11.

Chairman Mohan Pandithage

Improved operational indicators in most key sectors of business and substantial capital gains from disposal of investment by some group companies were contributors to this performance.

According to interim financial statements filed with the Colombo Stock Exchange, the blue chip conglomerate’s profit after tax of Rs. 3.1 billion for the six months reflects a growth of 3.6 times over that of the corresponding period of 2010-11.             

 Profit attributable to equity holders of the company quadrupled from Rs. 502.4 million for the first half of 2010-11 to Rs. 2 billion for the six months reviewed.

Group turnover increased by 25 per cent to Rs. 31 billion.

Commenting on the Group’s results for the half year, Hayleys Chairman Mohan Pandithage said: “All key business sectors with the exception of Textiles have either improved their performance or made worthwhile contributions.”

Hand Protection, Agriculture and Consumer Products made significantly higher contributions to Profit. The Transportation and logistics and the Purification sectors also made worthwhile contributions to performance.

The stabilisation of operations at the Group’s textile manufacturing company Hayleys MGT Knitting Mills PLC is taking longer than envisaged, Pandithage said.

Established in 1878 and adjudged Sri Lanka’s ‘Best Corporate Citizen’ four times, the Hayleys Group employs more than 30,000 people, and accounts for 2.78 per cent of the country’s export income.

The Board of Directors of Hayleys PLC comprises A.M. Pandithage (Chairman and Chief Executive), K.D.D. Perera (Deputy Chairman), M.R. Zaheed, J.A.G. Anandarajah, W.D.N.H. Perera, S.C. Ganegoda, H.S.R. Kariyawasan, Dr. Harsha Cabral PC, Dr. M. Ranasoma, M.D.S. Goonatileke, R.P. Pathirana and L.T. Samarawickrama.