Sri Lanka glove manufacturer’s profits maintained


Dipped Products, a Sri Lankan rubber industry player, interested in exporting rubber gloves and cultivating rubber plantations said despite the European crisis, the company has maintained its earnings  in the EU markets and have increased the profit from earlier this year to the end of September.



The company’s September net profits fell to 345 million rupees from  1.18 billion last year despite the profit last year included the one-off gain worth 1.16 billion.



Group revenues of the company have increased by 22.1% to 5.9 billion rupees while the cost jumped by 12.9% to 4.8 billion rupees resulted in gross profit of 82% to 1.8 billion rupees.



For this quarter, the group said earnings of 5.76 rupees. For the past quarters, the group has reported gaining 10.54 per share on profits or 751 million rupees.



The group said the earnings from their rubber plantation was 4.6 billion rupees in the last two quarters and from the gloves it was 7.3 billion rupees.



According to Mahesha Ranasoma, managing director of Dipped Products, the group is experiencing slow demands for their products as a result of the European economic crisis, but they are focusing and strengthening their marketing efforts to sustain sales.



The company is monitoring opportunities that may arise from the global market regularly to get new customers despite the problems in the export markets. (RJA)