August, 1, 2014
Dipped Products PLC the leader in global non-medical rubber glove market and a subsidiary of the Hayleys Group, posted steady financial performance in 1Q of 2014-15.
In a filing to the Colombo Stock Exchange, Dipped Products reported a turnover of Rs. 8,741 Mn and a Profit Before Tax (PBT) of Rs. 441 Mn for the quarter ending 30/06/2014. Profit After Tax (PAT) for the period was Rs. 305 Mn. It is noted that plantations sector financial year changed to 31st March from 31st December effective from current financial year and hence six months results of the plantation sector is consolidated with group performance of 1Q.
Hand Protection sector recorded a turnover of Rs. 3, 445 Mn, compared to Rs. 3,727 Mn in 1Q of 2013-14, whilst contribution from the sector to Group PBT amounted to Rs. 315 Mn, compared to Rs. 345 Mn in the previous financial year.
ICOGUANTI S.p.A, DPL’s Italian marketing company demonstrated growth in both turnover and profits, while Dipped Products Thailand (DPTL) continued to sustain its contribution to Group performance.
During the quarter, DPL Premier Gloves Ltd which was incorporated in January, 2014 commenced commercial operations.
The Plantation sector turnover recorded Rs. 5,523 Mn, whilst PBT declined to Rs. 126 Mn, reflective of the cumulative effects of wage hikes and contraction in global rubber prices. The Plantation’s high turnover is attributable mainly to a change in the financial reporting period, with the consolidation of an additional three months.
Dr. Ranasoma speaking on the outlook for the rest of the financial year commented that “reducing the lead time on customer orders is our key priority right now”. He further noted that, operations of DPL Premier Gloves are expected to reach its full capacity towards the second half of the financial year.
Established in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5 percent share of the global market. The company’s products now reach 68 countries.
The Board of Directors of Dipped Products PLC comprises Messrs A.M. Pandithage (Chairman), Dr. K.I.M. Ranasoma (Managing Director), R.K. Witanachchi (Deputy Managing Director), F. Mohideen, K.A.L.S. Fernando, S.C. Ganegoda, Dhammika Perera, M. Bottino, S. Rajapakse, N.A.R.R.S Nanayakkara and S.P. Peiris.
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