Daily Mirror reports:
Profit before tax and discontinued operations in the year under review grew 10 per cent to Rs 1,985 million, and profit after tax from continuing operations at Rs 1,520 million, was an improvement of 11 per cent over the previous year, the Group said.Measures initiated in the final quarter of the previous year to restructure the Group’s Consumer Durables business had an impact of Rs 384 million during the year.
As a result, final profit for the period was Rs 1,090 million, marginally higher than in the previous year. Of this, profit attributable to equity holders of the Company was Rs 453 million, 15 per cent lower than the previous year’s Rs 534 million.
Nevertheless, this represented a strong recovery from the poor results at the start of the year and is more than a two fold increase over the Group’s performance in the first nine months of the year.
Commenting on these results, Hayleys Group Chairman N. G. Wickremeratne pointed out that if not for the provisions for discontinued operations, profit attributable to equity holders of the Company would have been Rs 865 million.
Wickremeratne said that the poor economic condition added with high inflation rate, high interest rates and appreciating exchange rate made a big impact on the company’s profitability especially the manufacturing sector incurred a huge loss of more than Rs.1billion.
The subsidiaries that contributed to the company’s profit are: hand protection, purification products, plantations, transportation, and textiles.
For more than hundred years Hayleys PLC has been operating in
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