|
-- Post-tax profit up 44% to US$ 4.1 million; turnover grows 18% to US$ 44.8 million --
Sustained operational and sales performances in the third quarter of 2007-08 have enabled Hayleys MGT Knitting Mills, Sri Lanka's largest polyester and polar fleece fabric manufacturer, to post noteworthy results for the first nine months of the year.
The Hayleys PLC associate has recorded profit after tax and economic service Charge (ESC) of US$ 4.1 million for the nine months ending 31st December, a growth of 44 per cent over the corresponding period of last year. Post tax profit for the third quarter, at US$ 1.47 million reflected a marginal drop over the second quarter figure of US$ 1.7 million.
The company's income statement released to the Colombo stock Exchange this week reveals that turnover grew 18 per cent to US$ 44.8 million in the period under review while profit before tax was up 44 per cent to US$ 4.2 million.
Hayleys MGT's earnings per Share stood at Rs 8.98 (US$ .08) as at 31 st December 33 per cent higher than a year previously and more than 50 per cent higher than the Rs 5.76 (US$ .05) reported at the end of the second quarter of the current year.
The figures for the period reviewed were based on the amalgamated results achieved by Hayleys MGT Knitting Mills and its former subsidiary Hayleys ADC Textiles Ltd.
Hayleys MGT Knitting Mills won the National Productivity Award in October
2007 for noteworthy achievements in labour, material, energy and capital productivity indicators in 2006-07. It also became the first local manufacturer to achieve SA8000 Social Accountability Standard in the same month.
A major supplier to top international brands such as Marks & Spencer, Nike, Reebok, Decathlon and Adidas, Hayleys MGT increased its capacity to produce Lycra-based value-added fabric by 200 per cent in 2007 to meet higher demand from clients such as Marks & Spencer. The production and export of wool fabric commenced in the first quarter of the current year and Hayleys MGT has also increased capacity for Polyester and Viscose fabrics as well as Polar/Microfleece to supply sportswear retailers Nike, Reebok and Decathlon.
Hayleys MGT has a production capacity of 4 million metres of fabric per month at its state-of-the art plant at Narthupana Estate in the Kalutara District. The company is a key supplier of high quality knitted fabric to the Sri Lankan apparel industry and to direct export markets.
An ISO 9001 and ISO 14001 certified company, Hayleys MGT has received accreditations from world renowned retailers such as Marks & Spencer, Next, Tesco, British Home Stores (BHS), Mothercare, Sainsbury, Woolworth and Adams. The company has won numerous awards and commendations for its commitment to Total Quality, such as the Sri Lankan National Quality Award 2003, the National Industrial Safety Award 2004 in the large Manufacturing Industry category and the Asia Pacific Quality award 2005. |
|