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09 May, 2014 09:07 AM Source: Lanka Business Online - LBO
Profit Decline Loss.jpg

May 09, 2014 (LBO) - Profits at Dipped Products group, which has interests in rubber glove making and plantations, fell 34 percent to 216 million rupees amid production disruption caused by shifting of a Sri Lanka based factory.

The group reported earnings of 3.61 rupees per share. For the year to March it reported earnings of 13.28 rupees on total profits of 795 million rupees down 44 percent from a year earlier.
In the March quarter revenues fell 8 percent to 5.7 billion rupees, expenses fell at a faster 10 percent to 4.53 billion rupees and gross profits fell 2 percent to 1.17 billion rupees from a year earlier.

The firm said in the year to March exports of gloves from Sri Lanka fell to 13.4 billion rupees from 14.7 billion a year earlier, while contribution to pretax profits fell to 910 million rupees from 1.3 billion rupees.

The firm said lost production at its factory in Rathupaswela was the reason.

The factory was shifted after several unarmed protestors who alleged that it was causing water pollution were shot and killed by the military.

The group said a new unit, DPL Premier Gloves Ltd, has been set up at an industrial zone in Biyagama.

Managing Director Mahesha Ranasoma said customers supported the firm in what was its "most difficult operating period."

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