Sri Lanka’s Hayleys group net down 32-pct in June

ECONOMYNEXT – Profits at Sri Lanka’s Hayleys group, which has interests in export manufacturing, construction, agriculture construction materials and tourism, said profits fell 32 percent to Rs354 million in the June 2016 quarter, from a year earlier.

The group reported earnings of Rs4.73 per share.

Group revenues rose 9 percent to Rs24.11 billion, but expenses rose at a faster 11 percent to Rs18.7 billion, allowing a 6 percent growth in gross profits to Rs5.37 billion.

Finance costs rose 22 percent Rs813 million.

Profits fell to Rs154 million from Rs213 million in glove making, agriculture rose to Rs329 million from Rs236 million, power and energy increased to Rs213 million from Rs160 million, and eco solutions grew to Rs63 million from Rs11.6 million.

But plantations reported a loss of Rs103 million, consumer products Rs9.7 million and profits from leisure fell to Rs46 million from Rs71 million.

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