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The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 2.9 billion and profit before tax of Rs. 245 million for the first quarter of 2016/17. The profit after tax stood at Rs. 203 million. The turnover increased marginally, while the profit before tax and after tax recorded a growth of 12% and 7% respectively compared to the previous year.

Haycarb PLC Managing Director Mr. Rajitha Kariyawasan said that while the company’s initiatives to strengthen raw material supply chain networks in Sri Lanka and Thailand showed progress, the raw material situation in Indonesia had setbacks resulting in increasing prices due to low supply availability caused by bad weather cycles and increased exports.

He further said, “The adverse market conditions due to the downturn in gold mining which continues to impact international markets was exacerbated by the low cost competition from countries such as Philippines and India resulting in under-utilization of Haycarb’s installed capacity during the first quarter of 2016/17.” He noted however that successes in business development and new product development initiatives that increased marketing reach to new geographies and product applications together with the upturn in the value added product portfolio helped the bottom line in spite of less than expected growth in sales revenue. He added that growth in the environmental engineering arm Puritas (Pvt.) Ltd. is expected to contribute positively to the profitability of the Group.

In the background of increasing emphasis on environmental sustainability worldwide, Haycarb remains positive in its medium to long term outlook in its activated carbon and water treatment systems businesses.

Haycarb is the pioneer manufacturer of coconut shell activated carbon in any coconut producing country with manufacturing facilities in Sri Lanka, Thailand and Indonesia supported by marketing offices in the USA, UK and Australia. The company contributes net foreign exchange revenues with its value adding processes whilst remaining a leading and technologically superior manufacturer in its chosen segment.

The Board of Directors of Haycarb PLC comprises of Messrs Mohan Pandithage – Chairman, Rajitha Kariyawasan – Managing Director, Dhammika Perera, Arjun Senaratna, Sarath Ganegoda, Ms. Jeevani Abeyratne, Dushantha Ranaraja, Nimal Perera, Dr. Sarath Abayawardana, Sujeewa Rajapakse, M. S. P. Udaya Kumara, Brahman Balaratnarajah, Ali Asgar Caderbhoy, Ms. Sharmila Ragunathan and James Naylor.