Hayleys records substantial profit gains for final quarter, FY12/13

Sri Lanka's diversified Hayleys PLC reported a net profit of Rs.490.8 million for the final quarter of FY12/13, up 267 percent year-on-year, helped by increased other income gains and a substantial deceleration of net finance costs.

The turnover for the quarter rose 15 percent YoY to Rs.22.2 billion, pushing the gross profit up 18 percent YoY to Rs.4.5 billion.

The other income during the quarter saw a 136 percent increase YoY to Rs.291.6 million. However, distribution and administrative expenses more or less increased or remained flat. Other expenses saw a steep increase of 107 percent YoY to Rs.373.3 million.

The net finance cost fell 44 percent YoY to Rs.381 million. The earnings per share for the quarter stood at Rs.6.54 against Rs.1.78 reported in the corresponding quarter of the previous year.

Meanwhile, for the FY12/13, Hayleys saw its net profit rising 78 percent YoY to Rs.1.8 billion with revenue for the year increasing 13 percent YoY to Rs.74.3 billion.

The earnings per share increased to Rs.24.73 against Rs.13.90 reported in FY11/12.