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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Kelani posts good results in the teeth of challenges

Kelani posts good results in the teeth of challenges

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Kelani Tyres PLC has posted an exceptional result in the year ended March 31, 2012 in the teeth of challenges including import duties on truck and bus tyres being slashed by 50% in the last budget and unanticipated exchange losses due to the depreciation of the rupee, the company’s Chairman, Mr. Chanaka de Silva has told shareholders in the company’s recently released annual report.

He said that their joint venture companies had achieved a sales turnover of Rs.9.64 billion and earned a pre-tax profit of Rs.823 million in the year under review.

These companies have been boosting production, sales and export earnings in recent years with average production during the year under review at 14,705 mt, average sales at Rs.9.64 billion, average operational profit Rs.962 million and the average profit after-tax Rs.639.2 million.

De Silva said that their CEAT radial passenger car tyre was the largest single branded radial car tyre in the market and they were moving towards adding new sizes to the product range.

They had developed and introduced a special T+20 compound in all their truck/bus tyres for enhanced mileage and were introducing other features that will enable this range to perform in line with other premium Indian Bias tyre brands.

Further, 94% of installed downstream capacity was being utilized with exports now amounting to 32% of total sales. The company was working towards a target of over 40% exports.

De Silva also announced that his board, after much study, has decided to invest approximately Rs.1 billion to more than doubling their radial car/van tyre production to 500,000 per annum to cater to domestic and export sales.

"This is a very exciting project for all of us since successful completion of this project will recognize us as a relatively high-tech steel belted radial tyre manufacturer in the region," de Silva said.

He complained that Kelani continued to face unfair competition from under-invoiced imports into the country but were thankful to the authorities for taking measures to combat this serious problem.

The directors have approved the payment of an interim dividend of Rs.1.45 per share absorbing Rs.104.9 million for 2012/13. This was slightly up from Rs.1.40 (gross) dividend declared the previous year which absorbed Rs.101.3 million.

Kelani Tyres itself posted a group revenue of Rs.4.6 billion, up from Rs.3.9 billion the previous year and a profit after-tax of Rs.299.2 million, up from Rs260.8 million the previous year.

At company level revenue was up to Rs.181.1 million from Rs.129.1 million a year earlier and the net profit up to Rs.132.9 million from Rs.91.3 million.

The company has a stated capital of Rs.402 million, revaluation and other reserves of Rs.439.6 million and accumulated losses of Rs.149.7 million in its books.

Total assets for the company ran at Rs.578.2 million and total liabilities at Rs.86.3 million. At group level total assets stood at Rs.2.82 billion and total liabilities at Rs.1.41 billion.

Silverstock Limited with 41.69% was the largest shareholder of the company followed by UBS AG Zurich (9.01%), Mr. N. Ganarajah (7.87%) and Mr. M.M. Udeshi (6.05%).

The directors of the company are: Messrs. Chanaka de Silva (Chairman), Rohan T. Fernando (MD), Lasantha P. Fernando, T. Bevan Perera, H.S. de Silva, Ranjit M.S. Fernando and D.S.K. Amarasekera.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=60534

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