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DPL PROFITS
RISE IN SECOND QUARTER -05-12-2004-
Dipped
Products Ltd. of the Hayleys conglomerate has reported a sharp rise in
profits for the second quarter of the 2004/05 financial year.The group,
comprising rubber glove manufacturing, distribution and marketing, and
plantations, recorded a net income of Rs 105 million for the second
quarter ended September 30, 2004, a substantial growth of 184 percent
compared with the net income of Rs 37 million for the same quarter a
year ago.
Group turnover rose to Rs 1.5 billion from Rs 1.3 billion over the same
period. A significant decline in finance cost, earnings from its
associate companies and the continued growth in turnover contributed to
this performance, according to the firm's non-audited interim financial
statements.
Despite a significant increase in its borrowings, the group's finance
costs declined to Rs 11 million in second quarter of
2004 from Rs 36 million in the same quarter of the previous year. A net
profit of Rs 3.6 million came from its associate
company, Mabroc Teas(Private) Limited.
The company made a bonus issue of one ordinary share for every five
existing ordinary shares on August 12, 2004 by capitalizing Rs 49.8
million from its general reserves. It also paid a dividend of 49.8
million which was declared at the last annual general meeting for the
year ended March 31, 2004.
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