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Hayleys Q3 profits plunge

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Hayleys PLC posted a profit of Rs. 338.6 million during the quarter ended 31st December 2013, down sharply from the previous Rs. 662.4 million.

Turnover grew 5 percent Year-onYear (YoY) crossing Rs. 20.6 billion while gross profits expanded 10 percent YoY to Rs. 4.58 billion during the quarter.

Profitability was weighed down by sharp increases in net finance costs which totalled Rs. 551.6 million, reflecting an increase of over 100 percent YoY, largely based on the impact of a 55 percent YoY reduction in finance income which was recorded at Rs. 175.9 million in addition to a 32 percent YoY increase in finance costs amounting to Rs. 727.5 million during the quarter.

Hayleys PLC posted a profit of Rs. 338.6 million during the quarter ended 31st December 2013, down sharply from the previous Rs. 662.4 million.

Turnover grew 5 percent Year-onYear (YoY) crossing Rs. 20.6 billion while gross profits expanded 10 percent YoY to Rs. 4.58 billion during the quarter.

Profitability was weighed down by sharp increases in net finance costs which totalled Rs. 551.6 million, reflecting an increase of over 100 percent YoY, largely based on the impact of a 55 percent YoY reduction in finance income which was recorded at Rs. 175.9 million in addition to a 32 percent YoY increase in finance costs amounting to Rs. 727.5 million during the quarter.

Other income also recorded a notable 39 percent YoY decrease, reaching Rs. 56.9 million while distribution and administrative expenses increased by 16 percent YoY and 12 percent YoY each, costing the Group Rs. 656.7 million and Rs. 2.39 billion respectively.

Earnings per Share over the quarter stood at Rs. 4.51, down from Rs. 8.83 per share in the previous year.

However group profits fared better over the 9 months to 31st December 2013, posting Rs. 1.23 billion, against a previous Rs. 1.31 billion in 2012.

Turnover increased 9 percent YoY to Rs. 60.3 billion while gross profits expanded 12 percent YoY to Rs. 14 billion.

Net finance costs expanded 35 percent YoY to Rs. 1.62 billion, reflecting an 24 percent YoY increase in finance costs, totalling Rs. 2.37 billion and somewhat offset by finance income of Rs. 757.6 million, up just 5 percent YoY.

Earnings per Share over the 9 months stood at Rs. 16.34, as compared with a previous Rs. 17.45 per share.

“Businesses in the Global Markets and Manufacturing segment, one of the core contributors to Group profitability, underwent challenging operating conditions. Purification sector posted an operating profit of Rs. 899 million for 9 months ended 31 December 2013.

Hand Protection Sector recorded revenue of Rs. 10.2 bn, with an operating profit of Rs. 773 million, down from 1.1 bn for the reporting period in the previous financial year, due to an impact of closure of one of its’ latex glove manufacturing units,” a company statement noted.

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