Sri Lanka’s Dipped Product profits flat in March
ECONOMYNEXT – Sri Lanka’s Dipped Products Products Plc, which has operations in non-medical gloves and rubber farms, said profits rose 4 percent to Rs270 million in the March 2016 quarter from a year earlier.
The group, which has operations in Thailand and Indonesia, reported earnings of Rs4.52 per share for the quarter.
For the year to March, the group reported earnings of Rs5.78 per share, with profits plunging 69 percent to Rs345 million.
Managing director M Ranasoma said the firm was hit by Asian competitors last year.
The firm was also forced to build new facilities in Sri Lanka following a pollution scare. The firm said its factories in the Biyagama Export Processing Zone are expected to help profits this year.
In the March quarter, revenues fell 8 percent to Rs5.9 billion, costs dropped 8 percent to Rs4.8 billion and gross profits decreased 9 percent to Rs1.09 billion. Other income and gains were up 104 percent to Rs147 million.