Haycarb continues growth
A strong focus on value added products that command better prices in international markets has enabled Haycarb PLC, the Hayleys Group’s activated carbon business, to post impressive results in the first half of the financial year.
According to figures released to the Colombo Stock Exchange this week, the Haycarb Group comprising of manufacturing operations in Sri Lanka, Thailand and Indonesia, achieved a net profit of Rs 294 million for the six months ending September 30, 2009, more than double the profit made in the corresponding period of last year.
Revenue grew 14 per cent to Rs 2,555 million, while profit before tax increased nearly two and a half times to Rs 353 million, the company said. Profit attributable to equity holders of the company increased by a similar ratio to Rs 268 million.
Haycarb Managing Director Ananda Hettiarachchy attributed the company’s performance to its success in operating its factories at optimal capacity by strategizing purchases as well as imports of coconut shell charcoal, its principal raw material, and to the higher representation of value-added carbons in its product mix.
He said higher local output had been made possible by improved local and imported raw material supply, while the company’s plant in Indonesia had improved on its performance, and its Thailand factory had maintained its contribution.
The Group’s earnings per share stood at Rs 9.04 as at 30th September 2009, from Rs 3.78 at the end of the second quarter of 2008-09.
The world’s largest manufacturer of coconut shell based activated carbon, Haycarb has expanded its manufacturing facilities overseas to establish a stronger presence in other manufacturing markets and to be in proximity to customers in countries such as Thailand, Indonesia and India, which have sizeable local markets.
Incorporated in 1973, Haycarb is the pioneer manufacturer of activated carbon in any coconut producing country. The company has marketing offices in UK, Australia and USA. Its product range covers standard, washed, and impregnated carbons in granular, pellet and powder form.
The Board of Directors of Haycarb PLC comprises Messrs A. M. Pandithage – Chairman, A. Hettiarachchy - Managing Director, R. P. Peris, L. K. B. Godamunne, A. M. Senaratna, R. A. Ebell (alternate to A. M Pandithage) and R Seevaratnam.