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Revenue within the consumer & retail segment expanded substantially from Rs.2.7 billion to Rs.31.5 billion during the six months, bolstered by the contribution of Singer (Sri Lanka group), which was acquired by Hayleys at the end of 2Q18, generating Rs. 2.4 billion in operating profits.

“The group was able to achieve significant growth driven by the investments we have made towards the acquisition of Singer (Sri Lanka), where the consumer & retail sector has spearheaded the improvement of the topline during 1H19,” Hayleys PLC Chairman/ MD Mohan Pandithage said in an earnings release.

During the first half, the group’s transportation & logistics segment, supported by its recent acquisitions, posted a turnover of Rs.22.7 billion, as compared with Rs.16.4 billion in the previous period, leading to an operating profit of Rs. 1.4 billion, from a previous Rs.1.1 billion.

Turnover in the group’s eco solutions segment rose from Rs.2.1 billion to Rs.3.4 billion while operating profits of the sector rose significantly from Rs.70 million to Rs.193 million.

Meanwhile, turnover in the group’s purification products segment expanded from Rs.7.1 billion to Rs.9 billion while operating profits increased from Rs.358 million to Rs.614 million.

Similarly, the group’s hand protection segment posted revenue of Rs.8.4 billion, against a previous Rs.8 billion and operating profits rising significantly to Rs.521million, as compared with Rs. 98 million in first half of FY18.

The agriculture sector’s turnover expanded to Rs. 5.8 billion, as compared with Rs. 5.5 billion, while operating profits improving to Rs.462 million from Rs.234 million in the corresponding period.

Following a series of climate-impacted yields, Sri Lanka’s agricultural sector is forecast to rebound in the Maha season with the timely rains experienced in the past few weeks which augurs well for the Hayleys agriculture sector.

Poor weather conditions and world market prices have hampered the plantations sector, resulting in reduced turnover and operating profits, which ended the first half at Rs. 6.4 billion, and Rs. 29 million respectively.

Hayleys Global Beverages (Pvt) Ltd (HGBL), a unit of diversified conglomerate Hayleys PLC announced a joint venture partnership with Germany’s botanicals giant Martin Bauer Group (BMG).

With the demand for tea and herbal ingredients forecasted to grow, this collaboration is expected to harness the immense potential of HGBL for the group.

As at September 30, 2018, billionaire businessman and Hayleys PLC Co-chairman Dhammika Perera held 50.44 percent of the company.