"The drop in prices and volumes in the third quarter had resulted in a decline of seven percent in profits to shareholders," Bandula Weerasinghe, Hayleys MGT joint managing director said in a statement accompanying the results.
Prices had fallen in the third quarter and volumes had also declined as the company had lost some orders to lower-priced overseas competitors. However, the company has regained the lost orders in the current quarter and expects a better year-end result."
Earnings per share for the quarter were 0.41 rupees compared with 1.51 rupees a year ago.
The company’s nine-month profits were flat at 227.7 million rupees from a year ago with revenues down 15 percent to 4.3 billion rupees owing to lower prices and a smaller order book.
The outlook for the final qu