Dipped Products PLC (DPL) generated a sharp 29 percent year-on-year (YoY) increase in net profits backed by stable rubber prices and strong Italian exports to post Rs.413.9 million during the quarter ended June 30, 2013.

Revenue during the quarter increased by 10 percent YoY to Rs.6.33 billion while finance costs dropped 19 percent YoY to Rs.68.4 million.

Meanwhile, finance income spiked 59 percent YoY to Rs.70.2 million with the group earning a further Rs.14.5 million in other income and gains, as compared with Rs.9.1 million in the previous year. “Overall performance improved during the year due to the prevalence of stable rubber prices which consequently enabled DPL’s customers to consolidate sales with confidence,” Dipped Products Managing Director Dr. Mahesha Ranasoma stated.

Sales at of ICOGUANTI S.p.A, the group’s Italian marketing company, remained high during the quarter, while Dipped Products Thailand recorded volume growth of 8 percent YoY and revenue growth of 16 percent YoY.

Earnings per share stood at Rs.6.91 against a previous Rs.5.36 per share in 2012.

Hayleys PLC is the majority shareholder in Dipped Products with a direct 41.6 percent stake in the group, followed by the Employees’ Provident Fund with 13.06 percent of the issued share capital.

Volanka (Pvt.) Ltd and Haycarb PLC hold the next largest stakes in the company at 8.14 percent and 6.80 percent, respectively.