COLOMBO (EconomyNext) – Profits at Sri Lanka’s Hayleys group surged 117 percent from a year earlier to 735 million rupees helped by falling costs and improved performance at is manufactured exports businesses, interim accounts show.
The group reported earnings of 5.45 rupees for the quarter. For the nine months to December group earnings were 14.24 rupees on total profits of 852 million rupees, up 47 percent from a year earlier.
The group which has interests in rubber plantations, gloves, coconut based product, consumer durables and leisure said revenues rose 12 percent to 22.9 billion rupees in the quarter from a year earlier.
Costs grew at a slower 10 percent to 17.6 billion rupees allowing gross profit to grow 18 percent 5.3 billion rupees.
There was also the income from 127 million rupees, up 100 percent from 60.1 million rupees.