COLOMBO (EconomyNext) – Sri Lankan rubber gloves maker Dipped Products’ March 2015 quarter net profit rose 20 percent to 260 million rupees from a year ago with the firm also starting new manufacturing plants.
Earnings per share for the quarter were 4.34 rupees compared with 3.61 rupees the year before while sales rose 13 percent to 6.5 billion rupees, a stock exchange filing said.
For the financial year ending March 31 2015, EPS was 18.58 rupees with net profit up 40 percent to 1.1 billion rupees and sales growing 20 percent to 27.7 billion rupees.
Finance costs of Dipped Products (DPL), a subsidiary of the Hayleys Group, were up for both the March quarter and full year while finance income fell in both periods.
“DPL’s performance in the last financial year reflects our commitment to grow our global market share, and the increased efficiencies we have been able to achieve at our manufacturing facilities including the newly established DPL Premier Gloves factory in the Biyagama Industrial Zone,” DPL Managing Director Mahesha Ranasoma said.
DPL Premier Gloves commissioned two new manufacturing lines which will commence commercial operations during the new financial year, a statement said.
The company’s overseas operations “performed positively”, with strong contribution from its Thailand production facility and ICOGUANTI, DPL’s marketing company in Italy despite being impacted by the weaker Euro during the latter part of the year, it added.
During the period, DPL installed a Reverse Osmosis (RO) system to reuse water from manufacturing processes at its Hanwella rubber products factory.
“The project will significantly reduce the factory’s water consumption and reinforce its commitment to sustainable water resource management practices,” it said.
DPL also invested in a new industrial glove manufacturing facility namely DPL Universal Gloves Limited during the financial year.
Dipped Products said it is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a five percent share of the global market with its company’s sold in 68 countries.