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30 October, 2013 07:05 AM Source: Financial Times - Sri Lanka

The closure of Hayleys Group Dipped Products factory in Rathupaswala marking exactly three months today has caused a Rs. 900 million loss in revenue and around Rs. 180 million in profit with remedial efforts by the company to address the water issue continuing to be ignored by authorities concerned.

According to the company, estimated loss of revenue was Rs. 300 million a month and pre-tax loss was around Rs. 60 million per month.

Whilst these estimates are for the period August to October, the release of interim financial results for the six months ended 30 September 2013 by Dipped Products PLC (DPL) yesterday confirms the trend.

According to published accounts turnover from hand protection business had come down to Rs. 6.9 billion in the six months of FY13/14 from Rs. 7.3 billion the corresponding period of last year reflecting a dip of Rs. 400 million.

Profit before tax from the hand protection business was Rs. 192 million from Rs. 686 million in the first half of last year, to Rs. 494.5 million in the six months ended 30 September 2013.

Hopes of an early opening of the Venigross factory remains slim as local authorities alleged to be unresponsive whilst residents continue to entertain fears over water contamination in the area.

Hayleys has informed of a decision to source water amounting to 6,000 litres per day from outside the locality and transport it via 15 bowsers for production use daily as well as take back used water to the treatment plant at BOI Zone.

The company has also agreed to carry out this operation under the supervision of representatives of the villagers or even by government investigators but the there hasn’t been an agreement. More...

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