Sri Lanka Hayleys Sept net boosted by share sales

Earnings per share rose to 23.73 rupees from 4.61 rupees but gross profit was flat at 2.9 billion rupees with sales up 25 percent to 16.3 billion rupees while cost of sales rose 32 percent to 13.4 billion rupees.

Accounts filed with the stock exchange showed a sharp increase in other income to almost 2.4 billion rupees from 22 million the year before.

During the period group companies of Hayleys sold 6,874,584 ordinary shares in Hayleys and the gain of 2.19 billion rupees was included in other income, a note to the accounts said.

In the same quarter Hayleys and its group companies acquired 51 percent of Amaya Leisure.

“Improved operational indicators in most key sectors of business and substantial capital gains from disposal of investment by some group companies were contributors to this performance,” a company statement said.

Commenting on group’s results for the half year, Hayleys chairman Mohan Pandithage said: “All key business sectors with the exception of textiles have either improved their performance or made worthwhile contributions.�

The group’s rubber gloves business, agriculture and consumer products made “significantly higher” contributions to profit, the statement said.

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