Sri Lanka’s Haycarb June quarter profit up on strong demand, value added products

ECONOMYNEXT – Sri Lankan coconut shell-based activated carbon manufacturer Haycarb said net profit shot up 165 percent to 268 million rupees in the June 2019 quarter from a year ago on strong demand and growth in value added products.

Sales of the Hayleys group firm rose 24 percent to 5.3 billion rupees, interim accounts showed.
Haycarb reported earnings per share of 9.01 rupees in the June 2019 quarter. The share closed at 148 rupees, Wednesday, up 11.90 rupees or 8.7 percent.

“Strong demand in the activated carbon market and the growth in the value added carbon portfolio resulted in noteworthy growth in turnover and profitability,” Haycarb Managing Director Rajitha Kariyawasan said.

He noted that availability of raw material, coconut charcoal, in Indonesia and Sri Lanka continued to be stable during the first quarter.

However the effect of shortages and high cost of raw material impacted the Thailand operations negatively, a statement said.

Kariyawasan said the subsidiary Puritas has consolidated its position as a provider of water and waste water purification solutions in Sri Lanka and in the region.

In spite of challenges faced due to the adverse external economic environment in the markets that it operates, the environmental engineering arm is expected to contribute positively to the profitability of the group, he said.
(COLOMBO, 07 August 2019)

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