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Sri Lanka's best
corporate citizen, the multinational Hayleys Group, has reported
solid performance improvements from some key sectors at the half
year ending September 30, 2006, enabling the Blue Chip
conglomerate to post strong growth in post tax and attributable
profits.
According to income
statements released to the Colombo Stock Exchange this week, the
Group's profit before tax has grown 36 per cent to Rs 927.4
million, profit after tax by 56 per cent to Rs 689.4 million and
profit attributable to equity holders by 55 per cent to Rs 367.8
million in the first half of 2006-07. Group turnover for this
period grew 21 per cent to Rs 13.25 billion.
These results were
based on noteworthy contributions to turnover and profit from
the Group's Hand Protection, Transportation and Plantation
sector businesses, and improvements in the Fibre and
Purification sectors which had to contend with challenging
conditions in the previous financial year .Strong performances
from associate companies, particularly Hayleys MGT Knitting
Mills and Talawakelle Tea Estates have also been credited for
contributing to the Group's results in the period reviewed.
In his comments on
the Group's half-year performance, Hayleys Chairman Rajan
Yatawara has said he expects the profit growth seen in the first
half to continue over the rest of the year. Referring to the
accolades won by the Group at the 2006 Best Corporate Citizen
Awards, he said: "This recognition is especially gratifying in
the context of our vision - Hayleys to be looked upon as Sri
Lanka's corporate inspiration at all times."
Among the main
contributors to Hayleys turnover in the period reviewed were
Hand Protection with Rs 3.7 billion (an increase of 45 per cent
over the first half of last year), Consumer Products with Rs 1.8
billion (up 8 per cent), Purification Products with Rs 1.6
billion (up 44 per cent), Transportation (the Hayleys Advantis
Group) with Rs 1.6 billion (up 26 per cent) and Fibre with Rs
1.4 billion (an increase of 12 per cent).
The largest
contributions to Group operating profit came from Transportation
(Rs 299.7 million) and Hand Protection (Rs 249.1 million).
Noteworthy profit growth was reported by Plantations with an
increase of 85 per cent and Hand Protection with an increase of
26 per cent. Purification Products which made a loss in the
first half of last year, posted an operating profit of Rs 89
million in the review period.
The share of profit
from Associates rose by a significant 70 per cent to Rs 205
million.
Established in 1878,
the Hayleys Group accounts for 1.9 per cent of Sri Lanka's GDP
and 3.2 per cent of the country's export income. The Group was
adjudged Sri Lanka's Best Corporate Citizen for the third
successive year last week by the Ceylon Chamber of Commerce and
also received the category awards in the two categories of
'Environment' and 'Community Relations,' also for the third
successive year.
Comprising local and
international businesses in Fibre, Hand Protection, Purification
Products, Agri Products, Plantations, Transportation, Agri
Inputs, Resorts, Consumer Products, Industry Inputs, Power &
Energy and Textiles, the Hayleys Group is strongly focussed on
domestic value-addition.
The Board of
Directors of Hayleys PLC comprises Messrs R. Yatawara
(Chairman), N. G. Wickremeratne (Deputy Chairman), A. M.
Pandithage, R. A. Ebell, L. K. B. Godamunne, P. S. P. S. Perera,
J. D. Bandaranayake, A. D. B. Talwatte, A. Hettiarachchy, M. R.
Zaheed and A. M. Senaratna. |