By Sanath Nanayakkare
Hayleys Fibre PLC turnover increased to Rs.535 million compared to Rs. 487 million the previous year. However, its profit before tax was Rs.28.5 million, down from Rs. 30.2 million the previous year, Hayleys Fibre PLC Annual Report 2013-14 said.
According to the report, Gross Profit of the company last year which stood at Rs.50.88 million decreased to Rs. 34.39 million this year.
Hayleys Chairman A.M. Pandithage reviewing the company’s Annual Report said the scarcity of fibre in the global market affected the bottom line.
"The global demand for fibre products increased during the year with new markets opening up. However, the continued demand for fibre imports to China plus the scarcity of fibre in the market, resulted in raw material prices escalating impacting profitability," he said.
"Nevertheless, with the present demand for environmental-friendly renewable resources being on the increase, the company is confident coir fibre products will continue to grow having a competitive edge."
"Therefore, the company will further consolidate its business in existing markets and drive new product development, and will continue our quest to achieve operational efficiencies to move forward as a leaner and more productive organization," he further said.
Hayleys Fibre PLC Managing Director H.C.S. Mendis commenting on the company’s fiscal performance said, "Despite being a challenging year, Hayleys Fibre has been resilient and will continue to expand implementing new product, marketing and process development strategies.
"Competing producers in other countries influenced market dynamics in the local industry. The relevant authorities must make conscious efforts to promote the use of new technology to suppliers, millers and value added exporters on a priority basis," he added.
www.island.lk
Hayleys Fibre PLC turnover increased to Rs.535 million compared to Rs. 487 million the previous year. However, its profit before tax was Rs.28.5 million, down from Rs. 30.2 million the previous year, Hayleys Fibre PLC Annual Report 2013-14 said.
According to the report, Gross Profit of the company last year which stood at Rs.50.88 million decreased to Rs. 34.39 million this year.
Hayleys Chairman A.M. Pandithage reviewing the company’s Annual Report said the scarcity of fibre in the global market affected the bottom line.
"The global demand for fibre products increased during the year with new markets opening up. However, the continued demand for fibre imports to China plus the scarcity of fibre in the market, resulted in raw material prices escalating impacting profitability," he said.
"Nevertheless, with the present demand for environmental-friendly renewable resources being on the increase, the company is confident coir fibre products will continue to grow having a competitive edge."
"Therefore, the company will further consolidate its business in existing markets and drive new product development, and will continue our quest to achieve operational efficiencies to move forward as a leaner and more productive organization," he further said.
Hayleys Fibre PLC Managing Director H.C.S. Mendis commenting on the company’s fiscal performance said, "Despite being a challenging year, Hayleys Fibre has been resilient and will continue to expand implementing new product, marketing and process development strategies.
"Competing producers in other countries influenced market dynamics in the local industry. The relevant authorities must make conscious efforts to promote the use of new technology to suppliers, millers and value added exporters on a priority basis," he added.
www.island.lk
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