Sun, 17 Oct 2021 Today's Paper

Haycarb reports 20% profit growth for September quarter

3 November 2016 12:02 am - 0     - {{hitsCtrl.values.hits}}

A A A

The Hayleys group coconut shell activated carbon producing subsidiary, Haycarb PLC, posted a net profit of Rs.146.64 million for the September quarter (2Q17), up 19.92 percent year-on-year (YoY) with new product development but amid trying conditions.

The basic earnings per share increased to Rs.4.94 from Rs.4.12 YoY. The business environment for Haycarb remained relatively unchanged over the past year, as the gold mining and processing industry, which is one of the largest customers of Haycarb, remained tepid. Haycarb’s top line expanded 15.62 percent YoY to Rs.3 billion, while the cost of sales rose at a higher 22.39 percent YoY to Rs.2.31 billion. Haycarb Managing Director Rajitha Kariyawasan noted that though attempts to strengthen the raw material supply chains in Thailand and Sri Lanka were coming to fruition, the supply chains from Indonesia faced setbacks due to weather conditions and there was increased competition from charcoal exports. “While depressed conditions in the gold mining sector continues to impact the profitability, the raw material situation in Indonesia will be an additional challenge the company will have to contend with, in the short term,” he said.

However, he noted that new product development and marketing has brought in new clients and product segments, which contributed to the company’s growth. Haycarb’s net finance costs were trimmed down 64.71 percent YoY to Rs.32.66 million. Its total asset base improved to Rs.12.92 billion from Rs.12.63 billion at the start of the financial year, with the net assets per share increasing to Rs.208.05 from Rs.199.11 in the same period. For the first half of FY17, Haycarb’s net profit rose 15 percent YoY to Rs.296.97 million with a basic earnings per share of Rs.9.99 compared to Rs.8.67 YoY. The revenue increased 8 percent YoY to Rs.5.95 billion, while the cost of sales increased 9 percent YoY to Rs.4.50 billion.

The Hayleys group owns 67.73 percent of the shares in Haycarb, while the Sri Lankan government controls 8.24 percent of the shares through the Employees’ Provident Fund, Employees’ Trust Fund and Bank of Ceylon

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


How a 19-year-old TikToker is helping bring back the Woolly Mammoth!

A young TikTok star and his friends are helping an ambitious gene editing pro

Unmasking Sri Lanka’s Pyramid Parasites

A Financial Cancer Spreading Through Sri Lanka Again...

Writing Letters to Michele Bachelet Causes Turmoil Within the TNA

The Tamil National Alliance(TNA) is currently in a state of great turmoil. Th

A state-sponsored elephant racket in the works

A controversial new gazette has been issued seeking to employ elephants for w