Friday, March 13

Tag: mohan pandithage

Hayleys first listed firm to cross $1b turnover
22May By Faraz ShauketalyNo Comments
Business, Main Story

Hayleys first listed firm to cross $1b turnover

Building on a strong momentum gathered over the final quarter of FY 2017/18, Sri Lanka’s leading diversified conglomerate Hayleys PLC announced a record breaking top-line performance, as revenue expanded by 47% Year-on-Year to Rs. 163.2 billion during the 12 months to 31 March 2018. Supported by the addition of 6 months of operations from its recently acquired subsidiary, Singer (Sri Lanka) PLC, the conclusion of the financial year marked two important milestones for the Hayleys Group, as it became the first listed entity in the country to surpass annual turnover of US$ 1 billion, while celebrating its 140th year of business in Sri Lanka. During the year in review, the Hayleys Group made numerous bold new investments across the sectors which the diversified conglomerate operates in, ...
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Singer revenue increases by 13% in 1Q 2018 to Rs. 13.6 billion
16May By Faraz ShauketalyNo Comments
Business

Singer revenue increases by 13% in 1Q 2018 to Rs. 13.6 billion

The Singer Group revenue in the quarter ended 31st March 2018 was Rs. 13.6 billion, an increase of 13% compared to the prior year despite the business conditions in quarter remained challenging. In the period under review for the three months ended 31 March 2018, profit before tax was Rs. 419.8 million, recording a slight growth of 3% over the previous year. However, corporate taxes increased during the period under review as subsidiaries declared dividends resulting in withholding tax. As a result, the profit after tax for the period decreased by 14% to Rs. 212.3 million. At the same time, dividends boosted the results of the parent company and the profits for the quarter increased by 51% to Rs. 481.9 million. The Accounting Year of the Group has changed to 31 March to be in line...
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Hayleys posts strong nine-month topline growth, turnover up 37%YoY to Rs. 112.3 Bn
13Feb By Faraz ShauketalyNo Comments
Business

Hayleys posts strong nine-month topline growth, turnover up 37%YoY to Rs. 112.3 Bn

Strong top line performances across the Hayleys Group and the addition of recent strategic acquisitions resulted in a 37% YoY increase in turnover up to Rs. 112.3 billion during the nine months to 31st December 2017 while gross profits expanded by 29% YoY up to Rs. 24 billion. Increases in raw material prices and adverse weather conditions impacted the operating profits of Group's manufacturing and agriculture sectors while the higher borrowing costs resulting from the Group's progressive investment strategy coupled with higher interest rates prevalent during the period in review contracted the group's Profit Before Tax (PBT) to Rs. 2.94 billion. "It has been a challenging nine months for the Hayleys Group despite the remarkable growth and expansion displayed in the top line performa...
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Sri Lanka conglomerate Hayleys turnover up by 20% YOY to Rs. 62.4 billion in 1H of FY17/18
8Nov By Faraz ShauketalyNo Comments
Business

Sri Lanka conglomerate Hayleys turnover up by 20% YOY to Rs. 62.4 billion in 1H of FY17/18

Fueled by topline growth across all of its key business segments, Sri Lankan conglomerate Hayleys PLC posted a 20% Year-on-Year (YoY) increase in turnover up to Rs. 62.4 billion. The Group has continuously infused higher levels of investment into key business segments with a view to enhancing growth potential over the medium-long term. These investments were also reflected in the Group's net finance cost, which rose to Rs. 1.9 billion while group profit before tax for the period stood at Rs. 1.4 billion in first half of Fiscal Year 2017/18 (1H17/18). In that context, Hayleys Group achieved significant benchmarks during the period in review, particularly in relation to its recent acquisition of a 61.73% of the issued share capital of Singer ( Sri Lanka) PLC for a consideration of Rs. ...
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Singer Revenue Grows to Rs 37 Billion Despite Challenging Environment
3Nov By Faraz ShauketalyNo Comments
Business

Singer Revenue Grows to Rs 37 Billion Despite Challenging Environment

The Singer Group announced results for the nine months ending September 30th 2017 with revenues increasing to Rs. 37.0 billion, an increase of 12% compared to the same period last year, demonstrating resilience by growing competitively and consistently in tough market conditions. During the quarter a major milestone occurred with the majority shares of Singer (Sri Lanka) PLC being purchased by Hayleys Group from Retail Holdings (Sri Lanka) B.V., thus making Hayleys the new parent company of the Singer Group. Both companies together have ensured a smooth and seamless transition where Singer will continue to pursue its programmes and strategies to retain its market leadership in consumer durables. Additionally, synergies with Hayleys and its associate companies augurs a brighter future...
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