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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Ceylon Continental to be re-opened in third quarter

Ceylon Continental to be re-opened in third quarter

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The Ceylon Continental Hotel, now owned by the Hayleys group and undergoing extensive refurbishing, will be fully operational by the third quarter of the current financial year, Hayleys Chairman Mohan Pandithage announced in a statement issued with the company’s first quarter results covering April to June 2012.

Hayleys have got off to a good start posting a turnover of Rs.17.3 billion and a profit after-tax of Rs.861 million for the first quarter with its key business sectors including rubber gloves and activated carbon making solid contributions.

In a statement filed with the Colombo Stock Exchange, Hayleys said that the leading contributors to revenue were hand protection (Rs.3.4 billion), purification product s (Rs.2.7 billion), transportation (Rs.2.2 billion) and plantations (Rs.2 billion).

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 Group’s net finance costs increased 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.

Commenting on the performance of the Group as a whole, Hayleys PLC Chairman Mohan Pandithage said: "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 & 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," Mr. 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."
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58977

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