10 May, 2013 11:02:03
Sri Lanka Haycarb March net up 370-pct
May 10, 2013 (LBO) - Profits at Sri Lanka-based Haycarb Plc, an activated carbon producer with factories in Thailand and Indonesia rose 371 percent to 305 million rupees in the March 2013 quarter from a year earlier, interim accounts showed.
The firm reported earnings of 10.29 rupees per share for the quarter. For the year to March it reported earnings of 31.50 rupees on group profits of 935 million rupees. In mid day trade Friday the stock was up 4.80 rupees to 190.00.
Profits were helped by better margins and also currency fluctuations.
Revenues in the March quarter fell 18 percent to 2.1 billion rupees, but cost of sales fell at a faster 31 percent to 1.4 billion rupees, helping gross profits grow 24 percent to 717 million rupees.
Managing director Rajitha Kariyawasan said better raw material prices helped the company cut prices and win market share. Depreciation of currencies in production locations against the US dollar had also helped, he said.
In the March quarter of 2012, the company was hit by forex losses from its foreign loans as the Sri Lanka rupee depreciated, which was absent this year. Net finance costs were a positive 55 million rupees against a negative 203 million rupees last year.