Dipped Products Ltd (DPL), a subsidiary of the Hayleys Group, saw the Group’s net profits (after deducting minority interest) increase by 45% to Rs 107.5 million for the six months period ended September 30, when compared with the corresponding period last year, data on the Group’s profit and loss account for the period under review showed.

The Group, which is into the manufacture of latex industrial and household gloves, plantation management and tea and rubber plantations, saw its turnover increase by 17% to Rs 1.446 billion for the period under review.

The contributing companies to the Group’s turnover were DPL itself, Rs 300.8 million, an increase from the Rs 251.8 million made during the corresponding period last year. Grossart Ltd., from Rs 194.3 million to Rs 281.7 million; Venigros Ltd from Rs 174.5 million to Rs 216.1 million.

Neoprex Ltd from Rs 65.35 million to Rs 112.1 million and Kelani Valley Plantations Ltd from Rs 611.9 million to Rs 642.7 million. A sum of Rs 107.3 million is deducted as ‘intra-group sales/services’ (IGSS) for the period under review, leaving a balance of Rs 1.446 billion.

The corresponding IGSS the previous year was Rs 63.7 million, leaving a balance of Rs 1.234 billion as turnover the previous year. Contribution, segment wise to the turnover for the period under review was rubber Rs 864.8 million, as against Rs 686 million the previous year.

Plantations, Rs 642.7 million, as against Rs 611.9 million last year, while inter-segment sales/services amounted to Rs 61.33 million, as against Rs 63.7 million the previous year. Rubber products contributed 59.8% to the turnover, as against 50.45% the previous year. Geographically, segmentwise turnover for the period under review was, Asia (1.17%); South America (1.5%); Australia/New Zealand (1.53%); Europe (30.39%); Middle East (1.09%); USA/Canada (22.22%), Other (1.82%) and Sri Lanka (0.08%).

The breakdown, the corresponding period last year was Asia (0.95%); South America (1.04%); Australia/New Zealand (1.28%); Europe (25.16%); Middle East (0.46%); USA/Canada (22.43%), Other (0.92%) and Sri Lanka (0.21%). Meanwhile, Plantations, which comprised indirect exports, amounted to 40.2% for the period under review, as against 49.55% last year.

Earnings per share during the period under review increased from Rs 8.04 to Rs 11.63, while the highest market price per share during the period under review was Rs 52, as against Rs 60 the previous year. The lowest during this period was Rs 46.25, as against Rs 41.25 during the corresponding period last year. Meanwhile, net assets per share during the period under review increased from Rs 59.83 to Rs 69.62.

The Group’s directors are S. Mendis (chairman), N. G. Wickremeratne (managing director), H. A. Pieris, P. I. Pieris, R. Yatawara, R. W. Soysa, J. A. G. Anandarajah, Dr. W. S. E. Fernando and G. K. Seneviratne.