Dipped Products December revenues slip over softened demand for gloves

Dipped Products PLC saw its revenues slip in the three months ended in December 2023, as the producer and exporter of hand gloves for multiple purposes saw continued softening 
of demand.
The company, a subsidiary of Hayleys PLC, reported revenues of Rs.18.04 billion in the October-December period, its third fiscal quarter, slipping 8 percent from the same period a year ago.
The company also has plantations, which are into tea and rubber, under Kelani valley Plantations PLC, Talawakelle Tea Estates PLC and Horana Plantations PLC.
Its hand protection segment manufactures and exports gloves for industrial, medical and general purpose and the company’s sales soared during the pandemic, due to heightened demand from healthcare, industrial and household sectors, as activities in those sectors in the company’s key markets rose sharply during 
that period.

The company reported earnings of Rs.1.18 a share or Rs.708.37 million in the quarter, compared to Rs.1.38 a share or Rs.827.42 million in the year earlier period.   
Meanwhile, for the nine months ended in December 2023, Dipped Products PLC reported revenues of Rs.54.87 billion, down 11 percent from the corresponding period in 2023 while the earnings were sharply down.
The nine-month earnings per share was Rs.3.60 or Rs.2.16 billion, compared to Rs.9.53 a share or Rs.5.70 billion in the same period in 2022.
The hand protection segment revenues came in at Rs.32.71 billion, down from Rs.39.99 billion in the year earlier period, while the plantation sector revenues were recorded at Rs.22.33 billion, slightly up from Rs.21.77 billion.
Hayleys PLC, together with its group entities, controlled a 57.06 percent stake in Dipped Products PLC, while the Employees’ Provident Fund had a 4.60 percent stake in the company as of December 31.