Sri Lankaâ€™s Hayleys December quarter net profit up 147-pct
ECONOMYNEXT – Sri Lanka’s Hayleys group said net profit shot up 147 percent to 439 million rupees in the December 2018 quarter from a year ago.
Group sales rose 20 percent in the quarter to almost 60 billion rupees, interim accounts filed with the stock exchange showed.
December quarter earnings per share were 5.86 rupees. Hayleys share price closed unchanged at 184.60 rupees Monday.
December quarter gross profit was up 15 percent to 13 billion rupees.
The accounts showed a sharp rise in net finance costs which went up 37 percent to 2.7 billion rupees during the quarter.
EPS for the nine months to December 2018 was 46 cents with net profit down 82 percent to 35 million rupees and sales up 45 percent to 163 billion rupees.
Hayleys said in a statement the group’s nine months operating profit rose 68 percent to 11.3 billion rupees.
“However, the net finance cost increased to 7.7 billion rupees from 3.9 billion rupees with the inclusion of Singer Group’s finance cost and the cost of funding recent acquisitions,” it said.
Hayleys chairman and ehief executive Mohan Pandithage said their recent acquisition of Singer (Sri Lanka) helped enhance the group’s retail sector profits.
“Further, the outstanding performances in our export businesses, increased volume in the transportation and logistics sector also have contributed well to the group’s bottom line.”