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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » High interest rates, rupee depreciation drag down Hayleys profits

High interest rates, rupee depreciation drag down Hayleys profits

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
* Chairman optimistic

The Chairman of top conglomerate Hayleys PLC is in a buoyant mood while group net profit declined 4 percent to Rs. 582.2 million for the first quarter ended June 30, 2012 as finance costs surged 244 percent on high interest rates and depreciation of the rupee.

Commenting on the performance of the group as a whole, Hayleys PLC Chairman Mohan Pandithage told shareholders that, "The figures compare well against those of the first quarter of last year. We are encouraged by the improvements in Textiles and Fibre, and are pleased with the contributions of sectors such as Power and Energy, Industry Inputs and Construction Materials, which show a lot of promise for the future."

"The outlook for the rest of the year is very positive, as we expect a worthwhile contribution from the Nirmalapura wind power plant once full connection to the National Grid is established in August 2012," Pandithage said. "The Ceylon Continental Hotel will also be fully operational in Q3 2012 once refurbishment is complete. We are confident that our core businesses will maintain the momentum generated in this quarter through the rest of the year."

According to statements filed with the Colombo Stock Exchange, the blue chip conglomerate’s revenue for the three months ending 30th June 2012 reflected growth of 17 percent, with Hand Protection (Rs. 3.4 billion), Purification Products (Rs. 2.7 billion), Transportation (Rs. 2.2 billion) and Plantations (Rs. 2 billion) as the leading contributors.

All of these sectors with the exception of Plantations improved their contribution to revenue and profit before interest and tax (PBIT), while Fibre and Textiles, two previously troubled sectors, also achieved noteworthy revivals, the company said.

The Plantations sector’s contribution to turnover and profit was impacted by lower rubber prices, and higher wages in the tea sector, the diversified group said in a statement.

The Group’s net finance costs increased 244 percent to Rs. 606.7 million in the three months reviewed due to the increase in interest rates and the impact of the depreciation of the Sri Lanka rupee on the dollar loans of export companies.

Adjudged Sri Lanka’s Best Corporate Citizen four times, the Hayleys Group employs more than 30,000 people, and accounts for 2.51 per cent of the country’s export income.

The Board of Directors of Hayleys PLC comprises Messrs 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.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58734

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