would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc.. 
Home
Hayleys PLC, the diversified conglomerate which last week concluded its 60th annual general meeting, has projected an upbeat note for the future despite its profit after tax for the year ended March 31, 2011, dipping 53% to Rs. 1.2 billion from Rs. 2.6 billion the previous year with the profit attributable to shareholders of the parent down 58% to Rs. 725 million from Rs.1.7 billion a year earlier.
In spite of the downturn, Hayleys maintained the previous year’s dividend payout of Rs. 4 per share.
Mr. Dhammika Perera is now Hayleys single biggest shareholder with slightly over 25% of its equity personally and 4.66% through Royal Ceramics which he controls. Although Perera has no controlling interest of the conglomerate, the Hayleys ownership structure enables control of the board, which he has, to translate to control of the company.
Next to Perera, the D.S. Jayasundera Trust with 11.60% and the Hayleys Employees Shre Trust with 9.14% are the biggest shareholders. The EPF has doubled its stake from 1.13% the previous year to 2.57% while LOLC has acquired 2.69% of Hayleys during the year under review.
Since last week’s AGM three new directors, two of whom serve on other Dhammika Perera companies, have been appointed to the Hayleys board. They are Messrs. Lalin Samarawickrema, Ranil Pathirana and M.D.S. Gonnatillake.
Pathirana is group finance director of Hirdaramani’s while Samarawickrema, MD of Amaya Leisure and on the board of Royal Ceramics. Goonatillake, executive director of the DSL group serves on the boards of Pan Asia Bank, Vallibel Finance and Royal Ceramics of the Dhammika Perera group.
Hayleys Chairman Mohan Pandithage, described the year as a ``challenging one’’ saying most business sectors had done well, some even surpassing expectations, but poor performance in textiles (where a massive fraud had to be provided for and criminal proceedings initiated) and fibre had ``offset these gains in terms of bottom line results.’’
``I remain confident that the many strategic and operational initiatives taken to address the issues faced by some of the group’s sectors will place those business sectors back on tack of profitability,’’ Pandithage said in the company’s annual report.
He noted that all business sectors, including the loss-making textiles and fibre, had posted healthy revenue growth ``underscoring the sustainability of our business portfolio.’’
Textiles had posted a pre-tax loss of Rs. 817 million while fibre lost Rs. 150 million. Pandithage said that the ``prudent intervention’’ of the present management detected certain irregularities/discrepancies that had accumulated over a period of time (at Hayleys MGT.)
Investments made during the year included Hayleys acquiring 100% control of Mabroc Teas by taking over 60% not owned by the group and the controlling interest of the Alumex group, leader here in the aluminum extrusion industry enabling the group to enter the construction materials industry.
Since the acquisition, Alumex had contributed Rs. 1.38 bn. to turnover and Rs. 137 mn. to operational profit. The group had also invested in wind power with a 10 MW plant expected to commence operations by September.
An extensive refurbishment of Hotel Ceylon Continental, the country’s first five-star hotel property recently acquired by Hayleys, is also underway.
Hayleys has a stated capital of Rs. 1.575 billion, capital reserves of Rs. 6.95 billion and revenue reserves of Rs. 7.17 billion in its books. Total assets were running at Rs. 53.8 billion, and total liabilities at Rs. 29.9 billion.
The Hayleys share with net assets of Rs. 209.25 per share, up from Rs. 202.86 the previous year closed at Rs. 382.10 as at March 31, 2011, against Rs. 225 the previous year.
The directors of the company at the end of the year under review were Messrs. Mohan Pandithage (Chairman/CEO), L.K.B. Godamunne (retired) M.R. Zaheed, A.M. Senaratna (retired) Trevine Jayasekera (resigned), J.A.G. Anandarajah, Dhammika Perera, Nimal Perera, S.C. Ganegoda, H.S.R. Kariyawasan, Dr. Harsha Cabraal, PC, and Dr. K.I.M. Ranasoma.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=29215
In spite of the downturn, Hayleys maintained the previous year’s dividend payout of Rs. 4 per share.
Mr. Dhammika Perera is now Hayleys single biggest shareholder with slightly over 25% of its equity personally and 4.66% through Royal Ceramics which he controls. Although Perera has no controlling interest of the conglomerate, the Hayleys ownership structure enables control of the board, which he has, to translate to control of the company.
Next to Perera, the D.S. Jayasundera Trust with 11.60% and the Hayleys Employees Shre Trust with 9.14% are the biggest shareholders. The EPF has doubled its stake from 1.13% the previous year to 2.57% while LOLC has acquired 2.69% of Hayleys during the year under review.
Since last week’s AGM three new directors, two of whom serve on other Dhammika Perera companies, have been appointed to the Hayleys board. They are Messrs. Lalin Samarawickrema, Ranil Pathirana and M.D.S. Gonnatillake.
Pathirana is group finance director of Hirdaramani’s while Samarawickrema, MD of Amaya Leisure and on the board of Royal Ceramics. Goonatillake, executive director of the DSL group serves on the boards of Pan Asia Bank, Vallibel Finance and Royal Ceramics of the Dhammika Perera group.
Hayleys Chairman Mohan Pandithage, described the year as a ``challenging one’’ saying most business sectors had done well, some even surpassing expectations, but poor performance in textiles (where a massive fraud had to be provided for and criminal proceedings initiated) and fibre had ``offset these gains in terms of bottom line results.’’
``I remain confident that the many strategic and operational initiatives taken to address the issues faced by some of the group’s sectors will place those business sectors back on tack of profitability,’’ Pandithage said in the company’s annual report.
He noted that all business sectors, including the loss-making textiles and fibre, had posted healthy revenue growth ``underscoring the sustainability of our business portfolio.’’
Textiles had posted a pre-tax loss of Rs. 817 million while fibre lost Rs. 150 million. Pandithage said that the ``prudent intervention’’ of the present management detected certain irregularities/discrepancies that had accumulated over a period of time (at Hayleys MGT.)
Investments made during the year included Hayleys acquiring 100% control of Mabroc Teas by taking over 60% not owned by the group and the controlling interest of the Alumex group, leader here in the aluminum extrusion industry enabling the group to enter the construction materials industry.
Since the acquisition, Alumex had contributed Rs. 1.38 bn. to turnover and Rs. 137 mn. to operational profit. The group had also invested in wind power with a 10 MW plant expected to commence operations by September.
An extensive refurbishment of Hotel Ceylon Continental, the country’s first five-star hotel property recently acquired by Hayleys, is also underway.
Hayleys has a stated capital of Rs. 1.575 billion, capital reserves of Rs. 6.95 billion and revenue reserves of Rs. 7.17 billion in its books. Total assets were running at Rs. 53.8 billion, and total liabilities at Rs. 29.9 billion.
The Hayleys share with net assets of Rs. 209.25 per share, up from Rs. 202.86 the previous year closed at Rs. 382.10 as at March 31, 2011, against Rs. 225 the previous year.
The directors of the company at the end of the year under review were Messrs. Mohan Pandithage (Chairman/CEO), L.K.B. Godamunne (retired) M.R. Zaheed, A.M. Senaratna (retired) Trevine Jayasekera (resigned), J.A.G. Anandarajah, Dhammika Perera, Nimal Perera, S.C. Ganegoda, H.S.R. Kariyawasan, Dr. Harsha Cabraal, PC, and Dr. K.I.M. Ranasoma.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=29215
