Hayleys does ‘exceptionally” well in plantations
Hayleys has reported an ‘exceptional performance from the Plantations Sector’ in financial year 2012/13 at a time when tea firms are struggling with rising costs and increasing wages.
The agriculture sector also posted commendable results despite adverse climatic conditions, the group said releasing its annual results for the just-completed financial year.
The conglomerate reported a turnover of Rs. 74.3 billion, up 13 per cent from the previous year ending March 31, 2012. The pre-tax profit grew to Rs. 5 billion from Rs. 2.6 billion which was restated in line with SLFRS/LKAS requirements.
Earnings per share of the group rose to Rs. 24.73 from Rs.13.90 in 11/12.
“The Group’s performance this financial year is very significant as most sectors posted commendable returns, making it a historic year for Hayleys,” noted Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC. “Three of our key sectors; Hand Protection, Purification Products and Transportation & Logistics all individually surpassed a pretax profit of Rs. 1 billion, which is truly remarkable,” he added.
The Construction Materials Sector demonstrated a strong growth and the Fibre Sector, following the implementation of a number of strategies to streamline operational processes, consolidated its turnaround. Losses in the Textiles Sector were curtailed as the company implemented a number of strategic and leadership changes.
In Leisure and Aviation, the Amaya Group made a significant contribution to the bottom line whilst the Kingsbury Hotel commenced operations in December 2012, after a major expansion programme.
The Consumer Sector was affected by higher interest rates, lower consumer spending and a weaker currency.
Speaking on the conglomerate’s future outlook, Mr. Pandithage noted, “This year’s performance is reflective of our movement towards consolidation of growth. We have ably demonstrated our capability to withstand challenges, and will continue to grow the businesses through market enlargement, product and brand development, R&D, value addition and constant innovation”.
The conglomerate reported a turnover of Rs. 74.3 billion, up 13 per cent from the previous year ending March 31, 2012. The pre-tax profit grew to Rs. 5 billion from Rs. 2.6 billion which was restated in line with SLFRS/LKAS requirements.