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Sri Lanka’s Dipped Products Sept net down 92-pct

ECONOMYNEXT – Sri Lankan rubber gloves manufacturer Dipped Products group said net profit for the September 2015 quarter fell 92 percent to 23 million rupees from a year ago as revenue fell and plantations made a loss.

A stock exchange filing said group sales for the quarter fell 16 percent to 5.3 billion rupees from the year before.

Earnings per share for the quarter fell to 38 cents from 4.93 rupees the year before. EPS for the six months ended 30 September 2015 fell to 2.57 rupees from 8.79 rupees the year before.

Interim accounts showed sales fell in the firm’s gloves and plantations businesses with profits from gloves falling by more than half and plantations slipping into a loss of 32 million rupees.

Dipped Products said in a statement its plantations business suffered losses of 117 million rupees in the six months period.

“The plantation sector was impacted by lower prices both in rubber and tea,” said the company which claims a five percent share of the global non-medical rubber glove market.  (Colombo/October 30 2015)

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