Sri Lanka glove maker Dipped Products in the red
ECONOMYNEXT – Sri Lanka’s Dipped Products Plc, a rubber glove maker which also owns tea and rubber plantations lost 48.75 million rupees in the December in the March 2016 quarter, down from a profit of 144 million rupees a year earlier interim accounts showed.
The firm lost 81 cents per share in the quarter, accounts filed with the Colombo Stock Exchange said.
Group revenues fell 4 percent to 5.44 billion rupees but cost of sales fell at a slower 2 percent to 4.6 billion rupees and gross profits shrank 12 percent to 765 million rupees.
The firm said glove sales rose 1 percent to 3.21 billion rupees but profits were down 32 pecent to 132 million rupees.
Tea and rubber plantations lost 122 million rupees, up from a 20 million rupee lost last year.
Managing director M Ranasoma said D P L Universal Gloves, an industrial glove unit started commercial production. (Colombo/Aug09/2016)