Sri Lanka’s Hayleys net up 52-pct in March quarter

COLOMBO (EconomyNext) – Sri Lanka’s Hayleys Plc said net profits rose 52 percent in the March 2015 quarter to 887 million rupees with strong performance by rubber gloves and a turnaround at its textiles unit, interim accounts show.

The group reported earnings of 11.83 rupees per share for the quarter. For the full year it reported earnings of 34.40 rupees per share on total profits of 2.58 billion rupees, up 42 percent from a year earlier.

The group also has to pay a 25 percent extra retrospective tax, which has not yet been quantified.

Group revenues rose 19 percent to 24.08 billion rupees during the quarter, cost of sales rose at a slower 17 percent to 5.9 billion rupees allowing gross profits to rise 25 percent to 5.98 billion rupees.

During the full year pre-tax profits at its glove unit rose to 1.5 billion rupees from 905 million rupees, textiles to 222 million rupees from 4.3 million rupees.


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