The Sri Lankan multinational Haycarb PLC reported revenue of Rs.2.9 billion, and profit before tax of Rs.220 million for the first quarter of 2015/16.The profit after tax was Rs.191 million.

Haycarb PLC Managing Director Rajitha Kariyawasan said that the downturn in the gold mining industry coupled with significant depreciation of currencies in key markets of Europe, Japan and Australia have posed a significant strain to protect margins. The low cost competition from smaller manufacturers in Philippines, Indonesia and India and continued difficulties in charcoal procurement especially in Sri Lanka has resulted in a very challenging period in the near term.