Sri Lankaâ€™s Dipped Products returns to profit in Dec quarter
ECONOMYNEXT – Sri Lanka’s non-medical rubber gloves maker Dipped Products said it returned to profit in the December 2016 quarter with earnings of Rs107 million compared with a loss of Rs79 million the year before.
Group sales rose 23 percent to Rs6.2 billion from a year ago, according to interm results filed with the stock exchange.
December quarter earnings per share were Rs1.78. Dipped Products, a Hayleys group unit, last traded at Rs78.
For the nine months to 31 December 2016, EPS were Rs1.42, with net profit up 13 percent to Rs85 million and sales up 11 percent to Rs18 billion.
The Hand Protection sector reported a pre-tax profit of Rs598 million, up 30 percent from the year before, a statement said.
The group’s plantation sector made a loss of nearly Rs357 million due to lower crop, mainly arising from adverse weather conditions and restrictions on weedicides, it said.
Dipped Products claims a 5 percent share of the global market for non-medical rubber gloves.
(COLOMBO, Feb 01, 2017)