Dipped Products Group posted Rs. 7.5 billion turnover during the quarter ended June 30, 2017, a 37 percent increase from a year ago. Group Profit before Tax (PBT) for quarter improved to Rs. 93 million, the company said in a media release.
The Hand Protection segment contributed Rs. 4 billion to the revenue, 23 percent higher than the previous year. The sector was able to grow its sales across global markets consistently by developing high quality products catering to customer specific needs.
The newly commenced Universal glove operations improved its capacity utilization as a result of customer orders picking up during the quarter. However, due to steep increase in latex prices the contribution to PBT from the segment dropped to Rs. 24 million.
The Plantation segment reported Rs. 3.5 billion in revenue and a PBT of Rs. 69 million. Plantation segment performance was affected by adverse weather conditions and restrictions on weedicides.
Established in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5 percent share of the global market. The company’s products now reach 68 countries.
The Board of Directors of Dipped Products PLC comprises Messrs. Mohan Pandithage (Chairman), Dr. K. I. M. Ranasoma (Managing Director), F. Mohideen, S. C. Ganegoda, Dhammika Perera, M. Bottino, S. Rajapakse, N. A. R. R. S. Nanayakkara, S. P. Peiris, K.D.G. Gunaratne, H.S.R. Kariyawasan and S.M. Shaikh.