Sri Lankaâ€™s Dipped Products Sept quarter net up 270-pct
ECONOMYNEXT – Sri Lankan rubber gloves maker Dipped Products said net profit shot up 270 percent to 153 million rupees in the September 2018 quarter from a year ago.
Quarterly sales of the Hayleys group firm rose two percent to 7.2 billion rupees over the period, according to interim accounts filed with the stock exchange.
Diluted earnings per share for the quarter were 2.55 cents. EPS for the six months to September 2018 were 6.14 rupees. The share was last traded at 80 rupees.
Dipped Products’ gross profits grew 10 percent to just over a billion rupees in the September 2018 quarter from the previous year, the accounts showed.
Finance income shot up 146 percent to 72 million rupees while the share of non-controlling interest profit fell 75 percent to 11 million rupees.
The accounts showed Dipped Products booked no loss from Hayleys Global Beverages (Pvt) Ltd., a unit of subsidiary Kelani Valley Plantations, in the September 2018 quarter compared with a 49 million rupee loss the previous year.
A statement attributed the growth in half-yearly profit to “performance improvement initiatives in local operations and significant contribution from overseas marketing operations.”
Half-yearly profit attributable to equity holders of the company shot up to 368 million rupees from 12 million rupees in the previous year
“Outstanding contributions to revenue and profit came from the group’s Italian marketing company ICOGUANTI S.p.A. The company increased its sales by 9 percent to 2,475 million rupees and grew profits by 65 percent to 271 million rupees.”
Dipped Products (Thailand) Limited improved its performance and converted a loss of five million rupees in 2017 to a profit of 22 million in the period reviewed despite drop in sales by 3 percent to 1,745 million rupees.
Sales of the group’s plantation businesses, Kelani Valley Plantations and Talawakelle Tea Estates, were virtually static at 6,547 million rupees mainly due to depressed commodity prices.