Sri Lanka’s Haycarb net down 18 in March 2018

ECONOMYNEXT – Sri Lanka-based Haycarb Plc, an activated carbon market which also produces in Thailand and Indonesia said profits fell 8 percent from a year ago to 273 million rupees, with coconut shell prices up amid a drought.

Haycarb group reported earnings of 9.19 rupees for the quarter. In the year to March, the firm reported earnings of 22.63 rupees on total profits of 672 million rupees which fell 16 percent.

In the March quarter, gross profits grew 6 percent to 915 million rupees with revenues growing 11.9 percent to 4.62 billion rupees and costs growing at a faster 12.4 percent to 3.7 billion rupees.

Managing Director Rajitha Kariyawasan said in a statement that coconut shells supplies were tight in Sri Lanka and Thailand leading to higher prices. Though there was no supply problem in Thailand, higher international prices had kept prices, up.

He said the firm had negotiated higher sales prices with but with a lag as they wanted to shield long term customers.

Pre-tax profits fell 14 percent to 362 million rupees but the tax provision fell sharply by 51 percent to 62 million rupees from 128 million rupees, helping the bottom line.

The firm was expecting growth in its water purification unit. (Colombo/May15/2018)

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