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* Sri Lanka conglomerate Hayleys reports 17% increase in revenues for first quarter
Sat, Aug 9, 2014, 12:02 pm SL Time, ColomboPage News Desk, Sri Lanka.

Aug 09, Colombo: Hayleys PLC, one of Sri Lanka's conglomerates, in a filing to the Colombo Stock Exchange said the Group maintained growth momentum to achieve a revenue growth of 17% amounting to Rs. 22.6 billion in value terms.

Hayleys said it was also noteworthy that all sectors in the Group maintained positive operating profits during the quarter under review.

The Purification Sector reported a turnover of Rs. 2.4 billion and PBIT of Rs. 157.7 million for 1Q 2014/15. The sector's operations faced significant challenges during the first quarter of the year, as raw material prices increased approximately 20% compared to the previous year, the Group said.

The Hand Protection sector demonstrated commendable recovery from a constrained operating environment in the previous financial year. The Sector reported a turnover of Rs. 3.4 bilion and PBIT of Rs. 331.7 million for 1Q 2014/15. During the reporting period the sector commissioned commercial operations of a new manufacturing facility; DPL Premier Gloves Ltd.

The Group's Fibre and Textiles sectors, both of which have demonstrated strained performance in recent years, showed positive growth in 1Q 2014/15, as restructure initiatives in each of the sectors yielded results. Both sectors enjoyed significant revenue growth and recorded positive operating profits during the first quarter.

Agriculture and Plantations had a challenging first quarter in the face of adverse weather, as the protracted drought impacted productivity of the two sectors. The Plantation sector was also impacted by the decline in global rubber prices. The Plantation sector changed its financial reporting period to 31 March from 31 December. Accordingly, three additional months have been consolidated this quarter, which are reflected in the figures.

The Power and Energy Sector sustained growth during the quarter with Industry Inputs demonstrating a 146% growth in profitability against the 1Q of the preceding financial year. The Consumer Products Sector maintained turnover at Rs. 1.2 billion, sustaining the topline to the previous year's threshold.

Transportation and Logistics continued to demonstrate commendable growth with sustained enhancement of returns from the sector, as turnover and profitability increased by 8% and 5% respectively against 1Q of 2013/14.

The Leisure and Aviation sector recorded mixed results, with The Kingsbury maintaining its growth momentum.

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