Sri Lanka Hayleys March net down 8-pct to Rs1.3bn
May 22, 2017 19:02 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Sri Lanka’s Hayleys group said net profit fell 8 percent to 1.3 billion rupees in the March 2017 quarter from a year ago.
Sales of the group, whose core businesses span transportation, purification, agriculture, construction materials and power, rose19 percent to 29.2 billion rupees, a stock exchange filing said.
The accounts showed finance costs rose 74 percent to just over a billion rupees in the March 2017 quarter. Quarterly earnings per share were 17.63 rupees. The company’s share was last traded at 293.90 rupees.
“Over the final quarter of the year, the group’s performance received a strong boost, particularly from its agriculture, construction and transport segments, to finally register turnover growth of 19 percent year-on-year, up to 29.2 billion rupees,” a statement said.
“Results from operating activities rose to 3.52 billion rupees, reflecting 24 percent YoY growth. Similarly, profit before tax (PBT) for the final quarter rose 9 percent YoY to 2.96 billion rupees.”
The accounts showed that EPS fell to 37.12 rupees in the financial year ending 31 March 2017 from the year before, with annual net profit down 11 percent to 2.8 billion rupees, while sales rose 21 percent to 111.4 billion rupees.
The Hayleys statement said sales were supported by strong performances across the group’s core businesses.
“This led to a substantial 14 percent YoY improvement on the group’s results from operating activities, which closed the year at 9.67 billion rupees,” it said.
“Moving forward, we will continue to consolidate our operations with a view to further strengthen overall profitability, while also exploring opportunities to expand growth within our current business segments,” Hayleys chairman and chief executive, Mohan Pandithage said.
All of the group’s top five performing sectors posted pre-tax profits in excess of 1 billion rupees.
Transportation and Logistics recorded PBT of 1.79 billion rupees, Purification Products posted PBT of 1.18 billion rupees, and the Agriculture segment achieved PBT of 1.1 billion rupees.
The group’s Power and Energy sector achieved PBT of 1.02 billion rupees, while commissioning one of Sri Lanka’s largest Solar Power plant of 10MW during the year, Hayleys said.
The Construction Materials segment posted PBT of 1.02 billion rupees during the period under review.
(COLOMBO, May 22, 2017)