Hayleys reports record 9-month net profit

[GMNet]

Hayleys PLC has more than quadrupled net profit and profit attributable to equity holders for the nine months ending 31st December 2011, in a performance that reflects the accelerated momentum of the Blue chip conglomerate in FY 2011-12, the company said this week.

"With strong operational growth in key manufacturing sectors and capital gains being complemented with noteworthy contributions from new areas of business, the Group has reported profit after tax of Rs 3.6 billion at the end of the third quarter," it said in a statement.

Profit attributable to equity holders of the parent company amounted to Rs 2.3 billion on pre-tax profit of Rs 4.3 billion. Turnover for the nine months increased to Rs 46.4 billion, swelled by significant contributions to top line growth by businesses in the Hand Protection, Purification Products, Plantations and Agriculture sectors.

In a statement, Hayleys Chairman Mohan Pandithage said the Group expects to maintain positive results in the fourth quarter of the year ending 31st March 2012. Mr. Pandithage said improved turnover and profit in several sectors in the first nine months of the year, particularly from those in Global Markets and Manufacturing, and substantial capital gains of Rs 2.1 billion from subsidiaries of Hayleys PLC contributed to the results reported.

The Hand Protection sector performed exceptionally well while transportation also made a worthwhile contribution, as did the relatively new Construction Materials sector. Business units within the Leisure and Aviation sector performed well in the period under review. Since its purchase, Amaya Leisure has reported a positive three-month performance. The Ceylon Continental Hotel is undergoing a substantial refurbishment.

The Power and Energy sector posted mixed results, with Industry Inputs performing well.

[kasper]

During the period group companies of Hayleys PLC disposed 6,874,584 ordinary shares in Hayleys PLC and the gain on disposal of Rs. 2.19 B is included in Other Income -- Hayleys PLC Interim Report