COLOMBO: The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 2.9 billion and profit before tax of Rs. 245 million for the first quarter of 2016/17. The profit after tax stood at Rs. 203 million. The turnover increased marginally, while the profit before tax and after tax recorded a growth of 12% and 7% respectively compared to the previous year.
Haycarb PLC Managing Director Mr. Rajitha Kariyawasan said that while the company’s initiatives to strengthen raw material supply chain networks in Sri Lanka and Thailand showed progress, the raw material situation in Indonesia had setbacks resulting in increasing prices due to low supply availability caused by bad weather cycles and increased exports.
He further said, “The antagonistic economic situations because of the downturn in gold mining which keeps on affecting universal markets was exacerbated by the minimal effort rivalry from nations, for example, Philippines and India bringing about under-use of Haycarb’s introduced limit amid the primary quarter of 2016/17.” He noted however that achievements in business improvement and new item advancement activities that expanded advertising span to new geologies and item applications together with the upturn in the quality included item portfolio helped the main issue notwithstanding not exactly expected development in deals income. He included that development in the natural building arm Puritas (Pvt.) Ltd. is relied upon to contribute decidedly to the benefit of the Group.
In the background of increasing emphasis on environmental sustainability worldwide, Haycarb remains positive in its medium to long term outlook in its activated carbon and water treatment systems businesses.
Haycarb is the pioneer manufacturer of coconut shell activated carbon in any coconut producing country with manufacturing facilities in Sri Lanka, Thailand and Indonesia supported by marketing offices in the USA, UK and Australia. The company contributes net foreign exchange revenues with its value adding processes whilst remaining a leading and technologically superior manufacturer in its chosen segment.
