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01 November, 2012 07:37 AM Source: Lanka Business Online - LBO

Sri Lanka's Dipped Products, which has interests in glove export and rubber plantations said it was maintaining markets in Europe, and profits on normal operations had increased by end September from a year earlier.

Net profits for the September quarter fell to 345 million rupees from 1.18 billion rupees a year earlier, but last year's profits also included a 1.16 billion rupee one-off gain.

Dipped Product group revenues rose 22.1 percent to 5.9 billion rupees, cost rose at a slower 12.9 percent to 4.8 billion rupees allowing gross profits to surge 82 percent to 1.18 billion rupees.

The group reported earnings of 5.76 rupees for the quarter. For the six months to September the group reported earnings of 10.54 per share on profits of 751 million rupees. The stock closed at 100 rupees, down 5.0 rupees Wednesday.

At group level Dipped Products has a hedge against rubber price fluctuations due to its rubber plantations business.

The group said revenues of its plantations business was 4.6 billion rupees in the six months and gloves brought in 7.3 billion rupees.

"We are experiencing demand volatility attributable to the European economic slowdown, but our focused marketing efforts have enabled us to sustain sales," managing director Mahesha Ranasoma said in a statement. More...

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