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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's Hayleys group net up 164-pct

Sri Lanka's Hayleys group net up 164-pct

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1Sri Lanka's Hayleys group net up 164-pct Empty Sri Lanka's Hayleys group net up 164-pct Wed Feb 13, 2013 3:10 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Feb 13, 2013 (LBO) - Sri Lanka's Hayleys group, which has interests in manufacturing, agriculture, leisure and transport said profits in the December 2012 quarter rose 164 percent to 772 million rupees, from a year earlier.

The group reported earnings of 10.30 rupees per share for the quarter. In the nine months to December, Hayleys reported earnings of 18.19 rupees per share, on profits of 1.3 billion rupees, which was down from 2.3 billion a year earlier.

The previous year's profits were boosted by one-off gains. The stock closed at 299 rupees up 3.80 percent.

"Our manufacturing companies have continued to innovate and invest in research and development to ensure sustained demand for our products," chairman Mohan Pandithage told shareholders.

"As a result sectors such as Hand Protection (rubber gloves), Purification (activated carbon) and Construction Materials have performed well."

The firm had 17.3 billion rupees in short term borrowings and 6.0 billion rupees in short term borrowings. In the quarter its interest bill rose 13 percent to 468 million rupees.

"A number of strategies are being implemented to address this," Pandithage said. 'However with lower interest rates anticipated in 2013, the finance cost burden is expected to ease."
http://lbo.lk/fullstory.php?nid=604407576

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