Crop losses due to adverse weather conditions and a Government ban on weedicides resulted in the Group’s plantation segment’s revenue shrinking from Rs. 4.7 billion down to Rs. 4.4 billion leading to a loss of Rs. 459 million during 1H16.
However, revenue in the Group’s agriculture sector recorded impressive growth, rising to Rs. 6.5 billion by the end of the half, against Rs. 4.8 billion in the corresponding period of 2015. Similarly, the Group’s Hand Protection segment recorded revenue of Rs. 7 billion over a previous Rs. 6 billion.
Hayleys PLC recorded a sharp increase of 18% Year-on-Year (YOY) increase in revenue with growth in Construction, Agriculture, and Hand Protection sectors supporting the Group to post revenue in excess of Rs. 52 billion by the end of the first half of 2016 (1H16).
Profit Before Tax (PBT) during the period stood at Rs. 2.5 billion while the Transportation and Logistics sector achieved a turnover of Rs 11 billion against Rs. 7.3 billion in1H15.
Commenting on the performance and outlook of the Group, Hayleys PLC Chairman, Mohan Pandithage stated: “It has been a challenging but rewarding first half for Hayleys. While the systemic issues in the Sri Lankan Plantation sector did have a negative effect on the bottom line, these effects were largely mitigated by strong performances across the Hayleys Group – particularly with regard to the Hand protection and construction material segments.”