Sri Lanka’s Haycarb December net stagnant as costs rise
EconomyNext – Sri Lankan coconut shell-based activated carbon manufacturer Haycarb said net profit was stagnant at 124 million rupees in the December 2014 quarter compared with the year before.
Sales rose 9.5 percent to 2.8 billion rupees but total costs went up 8.4 percent to 2.1 billion rupees, the company, a unit of the Hayleys conglomerate, said in a stock exchange filing.
The interim accounts showed a sharp increase in net finance cost during the quarter. Earnings per share for the December 2014 quarter were 4.16 rupees compared with 4.17 rupees a year ago.
In the nine months ended 31st December 2014, Haycarb’s net profit fell 25 percent to 416 million rupees while sales went up 5.2 percent to eight billion rupees.
EPS for the nine months fell to 13.99 rupees from 18.57 rupees the previous year.
Haycarb Plc Managing Director Rajitha Kariyawasan said the firm continued to face high raw material costs but was not able to raise product prices owing to competition and the need to win new markets.