Sri Lanka’s Dipped Products March quarter net up 145-pct

ECONOMYNEXT – Sri Lanka’s non-medical rubber gloves maker Dipped Products said group net profit rose 145 percent to 668 million rupees in the March 2017 quarter from a year ago, with earnings growing in both its glove manufacturing and plantations businesses.

Sales of the firm, part of the Hayleys group, rose 11 percent to 6.6 billion rupees over the period. Earnings per share for the March quarter rose to 11.16 rupees from 4.56 rupees the previous year. The company’s share was last trading at 95 rupees.

EPS for the financial year ending 31 March 2017 rose to 12.58 rupees, with net profit up 116 percent to 753 million rupees and sales up 11 percent to 24.3 billion rupees from the year before.

Dipped Products had returned to profit in the December 2016 quarter, with earnings of 107 million rupees compared to a loss of 79 million rupees the year before.(COLOMBO, May 18, 2017)