Hayleys PLC recorded a sharp increase of 18% Year-on-Year (YOY) in revenue, with growth in Construction, Agriculture, and Hand Protection sectors supporting the Group to post revenue of over Rs. 52 billion by the end of the first half of 2016 (1H16).
Profit Before Tax (PBT) stood at Rs. 2.5 billion with the Transportation and Logistics sector achieved a turnover of Rs 11 billion against Rs. 7.3 billion in1H15. Group’s Construction Materials segment recording revenue of Rs1.9 billion, improving on a previous Rs. 1.7 billion in 1H15. Revenue in the Group’s Agriculture sector recorded impressive growth, rising to Rs. 6.5 billion by the end of the half, against Rs. 4.8 billion in the corresponding period of 2015. Similarly, the Group’s Hand Protection segment recorded revenue of Rs. 7 billion over a previous Rs. 6 billion. However, as was the case across the Sri Lankan Plantation sector, crop losses due to adverse weather and a government ban on weedicides resulted the Group’s plantation segment’s revenue shrinking from Rs. 4.7 billion down to Rs. 4.4 billion, leading to a loss of Rs. 459 million during 1H16.
Hayleys Chairman, Mohan Pandithage said, “It has been a challenging but rewarding first half for Hayleys. While the systemic issues in the Sri Lankan Plantation sector did have a negative effect on the bottom line, these effects were largely mitigated by strong performances across the Hayleys Group – particularly with regard to the Hand protection, and construction material segments.
“Technology, innovation and sustainability continue serve as a catalyst for new growth opportunities within the Hayleys Group. “Moving forward we will continue to leverage resources of the Hayleys Group to open up new avenues of growth,” he said.