Hayleys PLC’s profits after tax rose by 8% Year-on-Year (YoY) to reach Rs. 1.1 billion during the quarter ended December 31, 2016 (3Q16).
Revenue during the quarter increased by a sharp 27% YoY up to Rs. 30 billion buoyed by strong performances across in the Group’s Agriculture, Construction Materials, Transportation and Logistics, and Hand Protection segments, while Operating profits expanded by 24% YoY, reflecting strong growth in core operating activities.
For the nine-month period Profit after tax (PAT) stood at Rs. 2.7 billion, reflecting a 11% reduction compared to the previous year.
Strong performances were recorded across the Group’s Agriculture Sector with PAT in the segment increased from Rs. 543 million up to Rs. 667 million. Hayleys’ Hand Protection business posted impressive turnover growth, increasing rapidly from Rs. 9 billion up to Rs. 10.9 billion while the segment’s profits increased to Rs. 390 million, as compared with a previous Rs. 225 million in 2015.
The Group’s Construction Materials sector performed well to record a substantial growth in profits reaching Rs. 491 million. The continued troubles in the Plantation sector, as experienced across the industry, acted as a drag on profitability for the Group during the nine-month period while the finance cost increased mainly due to increase in rates and the strategic investments carried out by the Group.
“The Group’s concerted emphasis on the development of cutting edge technologies adapted to meet local requirements also yielded significant results, as evidenced by our recent unveiling of Sri Lanka’s largest capacity 10 MW solar power plant and it is encouraging to note that our efforts have not gone unrecognized with Hayleys being adjudged as Sri Lanka’s Best Corporate Citizen during the period in review,” Hayleys PLC Chairman, Mohan Pandithage said.
“Moving forward into the final quarter of the year we anticipate continued growth across all sectors, expanding on the strong momentum built up over the last two quarters,” he said.