Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka's Dipped Products sustains a difficult financial year
Fri, May 9, 2014, 10:35 am SL Time, ColomboPage News Desk, Sri Lanka.

May 09, Colombo: Sri Lanka's glove maker, the Hayleys Group subsidiary, Dipped Products recorded a consolidated turnover of Rs. 23 billion for the financial year ending 31 March 2014.

However, the company said in a release announcing the interim financial results that despite numerous challenges that began with the forced closure of the factory in Rathupaswala by protests in July 2013, the company sustained its revenue base with a marginal 2.4% decline in turnover.

In a filing to the Colombo Stock Exchange the DPL said in the year to March glove manufacturing sector reported a 9% reduction in turnover to Rs. 13.4 billion rupees from Rs. 14.7 billion in the previous financial year. Contribution to pretax profits fell 32% to Rs, 910 million rupees from Rs. 1.3 billion.

The company attributed the reduction directly to the losses in production at Rathupaswala manufacturing facility.

The planting sector of the company posted a 6% increase in turnover to Rs. 10.4 billion from Rs. 9.8 billion in 2012/13. However, the pretax profits from the sector recorded a 20% reduction from Rs. 928 million in 2012/13 financial year to Rs. 747 million in the 2013/14 period due largely to adverse weather and wage increase.

DPL Chairman Mohan Pandithage credited the Group for "withstanding a challenging operating environment" in 2013/14.

Due to the forced closure of the Rathupaswala facility, the Company incorporated a fully owned subsidiary, DPL Premier Gloves Ltd., a new manufacturing facility at the Biyagama Export Processing Zone to manufacture and export rubber gloves, the Chairman said.

Dipped Products, established in 1976, is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5 percent share of the global market and its products reach 68 countries.

ColomboPage - Recent 10 Stories
Body of 13-year-old girl dragged by crocodile found inside its belly
-- [2 hours ago]
Korea EximBank signs aide memoire with ADB and Sri Lankan government to develop Colombo-Trincomalee Economic Corridor
-- [3 hours ago]
Sri Lanka state doctors threaten to strike again between May 3 and 5 demanding to close SAITM
-- [4 hours ago]
Sri Lanka expects to receive EU's GSP+ tax concession by 15 May as exporters eagerly await to reap benefits
Special security plan in Colombo and Kandy for May Day rallies
Islamic delegation praises Sri Lankan President's views on religious harmony and peace
Sri Lanka Finance Minister highlights the need to provide social infrastructure for aging population in Asia-Pacific region
Sri Lanka power regulator to resolve the environmental concerns of the communities of Norochcholai
Former Eastern Province Chief Minister Pillayan further remanded over Tamil MP's murder
Inflation in Sri Lanka capital Colombo is 6.9 percent in April 2017

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.