Sri Lanka’s Haycarb net up 17-pct in March

ECONOMYNEXT – Profits at Sri Lanka-based Haycarb Plc, an activated carbon maker with factories in Thailand and Indonesia, rose 17 percent to 297 million rupees helped by higher revenues and other operating income despite higher raw material costs.

Haycarb reported earnings of 10 rupees per share for the quarter. In the year to March, the group reported earnings of 27.07 rupees per share on total profits of 804 million rupees, which grew 18 percent.

Revenues grew 24 percent to reach 4.1 billion rupees in the March quarter, but costs rose 30 percent to 3.2 billion rupees, allowing gross profits to grow 5.4 percent to 862 million rupees.

Other operating income rose to 206 million rupees from 18.5 million rupees, helping profits.

Managing Director Rajitha Kariyawasan said in a statement that higher-margin products, expansion of customers and growth in its Puritas environmental unit helped boost revenues.

The past 12 months saw shortages in charcoal supplies and high prices in Indonesia as coconut crop fell. The firm was not able to pass on higher costs due to competition from India and the Phillippines, he said. (Colombo/May18/2017)

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