|
Dipped Products doubles
post-tax profits in 1Q 2006-07 -07-08-2006-
Dipped
Products (DPL), the Hayleys Group's multinational rubber gloves
manufacturing business, has doubled post tax profits and multiplied its
Earnings Per Share (EPS) by 2.5 times in a strong performance in the
first quarter of 2006-07.
In results released to the Colombo Stock Exchange last week, the DPL
Group which is also a key player in the plantation sector, has reported
that Group profit after tax rose by a noteworthy 105 per cent to Rs. 207
million on a turnover of Rs 2,172 million, which reflected an increase
of 37 per cent.
Pre tax profit, at Rs 226 million, was up a healthy 77 per cent over the
corresponding quarter of last year.
DPL's hand protection business comprises several non-medical rubber
glove manufacturing plants that together make it one of the top three
global players in the segment and a maiden investment in a medical glove
plant in Thailand.
Turnover from hand protection rose to Rs 1,693 million in the quarter
reviewed, an increase of 44 per cent, with major contributions coming
from manufacturing in Sri Lanka and the medical glove plant in Thailand.
In the plantation sector, DPL's plantation company Kelani Valley
Plantations Limited (KVPL) increased turnover by 22 per cent to Rs 586
million with increases from both rubber and tea of 57 per cent and 8 per
cent respectively.
KVPL's profit before tax grew by 31 per cent to Rs 89 million due to
stronger rubber prices but tea showed a marginal drop owing to weaker
prices, the company said. In the quarter under review, DPL acquired 54.3
per cent of the equity of Hanwella Rubber Products Limited.
The resulting surplus on negative goodwill (the share of net asset value
over investment) on the acquisition amounting to Rs. 34 million has been
treated as other income in the year of acquisition as required by the
revised Sri Lanka Accounting Standard.
|
Source: |
 |
|
