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Hayleys profits surge undeterred by poor plantations’ show

22 May 2015 04:00 am - 0     - {{hitsCtrl.values.hits}}

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The diversified Hayleys PLC saw its final quarter (4Q15) net profit surging over 50 percent year-on-year (yoy) to Rs.887.2 million, supported by all business segments of the group except plantations.
For the full year (FY15), the group’s net profit rose nearly 45 percent yoy to Rs.2.58 billion.
The earnings for the quarter improved to Rs.11.8 per share from Rs.7.77 and for the year to Rs.34.42 per from Rs.24.11.
The revenue for 4Q15 rose 19 percent yoy to Rs.24 billion while for the full year the revenue was up 15 percent yoy to Rs.92.5 billion.
The operating profits for the quarter rose 26 percent yoy to Rs.2.56 billion and for the year 18 percent yoy to Rs.8.51 billion. The administrative expenses for both the quarter and full year went up 35 percent and 13 percent respectively.
The net finance costs for the quarter rose 17 percent yoy to Rs.616 million, but for FY15, net finance costs remained flat. 
The hand protection segment was the top contributor to the group’s performance. 
The segment reported a revenue of Rs.4.4 billion up from Rs.3.7 billion in the previous year. The pre-tax profit of the segment was Rs.1.55 billion, up from Rs.905.5 million.
The third biggest contributor to the group revenue purification segment also reported higher revenues and profits compared to the previous year. The textiles segment recorded a revenue of Rs.8.5 billion up from Rs.8 billion. The pre-tax profit was Rs.222.3 million, up from Rs.4.3 million.“The sector has initiated a number of projects that are helping to redefine the business and gain recognition as an industry leader and an innovator,” Hayleys said. 
The agriculture business segment contributed Rs.8.42 billion to the group revenue against Rs.7.4 billion in the previous year. However, the profits improved just to Rs.1 billion from Rs.943 million. Hayleys said a number of new business ventures, including the seaweed cultivation project in the Mannar region contributed to the higher revenue of the segment.  The plantation sector recorded lower profits than in previous years amid decline in global rubber prices, and economic and political turmoil in key markets in the Middle East and Russia.  The transportation and logistics business segment, the second largest contributor to the group revenue, recorded a revenue of Rs.14.1 billion, up from Rs.11.9 billion. 
The segment’s pre-tax profit stood at Rs.1.34 billion, up from Rs.1.13 billion in the previous year. The power and energy sector maintained its positive contribution to the consolidated results, as did the leisure and aviation sector, where earnings were supported by steady growth at The Kingsbury, Hayleys group’s 5-start city hotel. Construction materials recorded a notable increase in profit, whilst the fibre sector recorded appreciable growth in earnings during the year, as the results of restructuring are beginning to materialise.
The group had not provided for the impact originating from the one-time Super Gains Tax proposed on companies that make profits in excess of Rs.2 billion, by the interim budget.
 
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