Robust operational performance & marketing counter demand volatility in European markets
Dipped Products Group has recorded top line growth of 20 per cent, posting turnover of Rs 17.4 billion at the end of the third quarter of 2012-13, with strong operational performance in its Hand Protection sector and a significant contribution its Plantations Companies.
The Hayleys Group subsidiary that accounts for 5 percent of the global non-medical rubber glove market, has reported that revenue from Hand Protection grew by 5 per cent to Rs 11 billion in the nine months ending 31st December 2012.
Local manufacturing grew turnover by 6 per cent to Rs 6.6 billion in the review period, ICOGUANTI S.p.A, DPL’s Italian marketing company improved sales by 4 per cent to Rs 3.1 billion, and Dipped Products Thailand (DPTL) contributed Rs 1.8 billion to the sector’s turnover, the company said.
Meanwhile, the Dipped Products Group’s Plantation companies in Sri Lanka Kelani Valley Plantations PLC (KVPL) and Talawakelle Tea Estates PLC (TTEL) increased their turnover to Rs 7.1 billion, with the consolidation of turnover from Hayleys Plantation Services, the owners of TTEL.
In income statements filed with the Colombo Stock Exchange, DPL reported profit before tax of Rs 1.5 billion for the nine months. Profit after tax for the period reviewed was Rs 1.2 billion as compared with Rs 716 million before capital gains, at the end of 3Q 2011-12.
“We are continuing to see the impact of the economic slowdown in Europe. However, as the figures indicate, our focused efforts to sustain sales amidst demand volatility are proving to be effective,” the company’s Managing Director Dr. Mahesha Ranasoma said.
Established in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world and the leading gloves manufacturer in Sri Lanka. The company’s products now reach 70 countries.
The Board of Directors of Dipped Products PLC comprises Messrs A. M. Pandithage (Chairman), Dr. M. Ranasoma (Managing Director) J. A. G. Anandarajah, G. K Seneviratne, N. Y. Fernando, R. Seevaratnam, F. Mohideen , K. A. L. S. Fernando, L. G. S. Gunawardena, S. C. Ganegoda , K. D. D. Perera and M. Bottino.