Sri Lankaâ€™s Haycarb December net profit up 30-pct
ECONOMYNEXT – Sri Lankan coconut shell-based, activated carbon-maker Haycarb said net profit rose 30 percent to 211 million rupees from a year ago.
Quarterly earnings per share were 7.12 rupees, according to interim accounts filed with the stock exchange.
The share was trading at 130 rupees Thursday morning, unchanged.
Quarterly sales rose 39 percent to 5.3 billion rupees.
EPS for the nine months to December 2018 were 17.36 rupees with net profit up 29 percent to 516 million rupees and sales up 31 percent to 14.3 billion rupees
Haycarb Managing Director Rajitha Kariyawasan said the growth in sales was owing to adjustment of activated carbon prices in the first half of the year to compensate for raw material price hikes and growth in sales of value-added products.
“With the availability of charcoal improving in Sri Lanka, Indonesia and India due to improved coconut crop, the company has gradually passed the benefit to its valued customers,” he said.
Haycarb continued to face stiff competition from India and Philippines, the largest coconut carbon-producing countries in the region.
“The company has made significant strides in acquiring and growing new strategic customer accounts and market segments, backed by robust product development initiatives, auguring well for the growth plans of the business,” Kariyawasan said.
(Colombo/February 07/2019 – SB)