Sri Lanka Hayleys group December quarter net down 27-pct

ECONOMYNEXT – Sri Lanka Hayleys group said December 2015 quarter net profit fell 27 percent to 534 million rupees from a year ago,

Sales were virtually flat at 23.6 billion rupees, according to unaudited accounts filed with the stock exchange.

Earnings per share for the quarter were 7.12 rupees.

EPS for the nine months ending December 31, 2015 were 22.48 rupees with net profit flat at 1.7 billion rupees and sales also flat at 68 billion rupees.

“The group’s results reflect the challenges faced by the plantations and hand protection sectors during the nine months in review,” a statement said.

“The plantation sector faced a number of challenges during the year including the global commodities crash which caused lower tea and rubber prices , and lackluster demand from traditional markets, compounded by inclement weather in Sri Lanka.”

Hayleys glovers business also faced “significant mixed challenges” from the global market as Sri Lanka faced relatively higher input prices compared to competing countries, the statement said.

“The company has already initiated a number of projects to move into more value added hand protection products to overcome the price sensitivity in the mass produced glove segments.”

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