HAYCARB PLC to expand manufacturing

Sri Lanka’s activated Carbon maker Haycarb PLC says, it is planning to expand aggressively by adding new manufacturing units in India and Indonesia as it believes that the outlook for the overall activated carbon market remains quite strong.

The firm’s Managing Director Rajitha Kariyawasan in his review to the company’s 2011/2012 annual report says, plans are also in the pipeline to penetrate into new markets and identified geographical areas in the coming year.

He believes that the firm needs to pay closer attention to fast growing Asian and other markets, while keeping focus on its traditional markets such as USA, Europe and Australia, where according to him have a slow and limited economic growth.

“Haycarb will continue to strive for growth in identified high value added market segments including new applications for activated carbon”, added Kariyawasan.

The listed firm during the year 2011/2012 has earned a net profit of Rs. 590 million, a growth of 3%, while the company’s Profit before Tax recorded a sum of Rs. 724 million.

The firm’s earnings per share have reached a sum of Rs. 18.14, a 7% growth.

The company’s board has approved a first and final dividend of Rs. 5.50 per share, based on the latest results.

Haycarb PLC during the year has seen its production quantities rising by 3000 Metric tons over the previous year to stand at 28,000 metric tons.

Its turnover has increased by 33% to record a sum of Rs. 8509 million.

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