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| Tuesday, 15 June 2004 |
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Hayleys MGT Knitting Mills profit up 36% to $ 2.52 m Hayleys MGT Knitting Mills recorded a US $ 2.52 million profit last year registering a 36% increase achieved over the previous year. The company said that the growth in profits is mainly due to significant investment in facilities, plant and equipment and high level of Commitment from employees. The company has also declared a 50% interim dividend. Chairman of Hayleys MGT Knitting Sunil Mendis said that the group began the year focused on automating the activities of its dyeing process and reducing energy cost and volume of effluent discharged. We progressively increased our direct export and plan to make substantial direct exports in the current year and in the years ahead. We have increased our product range. Polyester-based fabric, where we have an edge over competition, came into prominence during the year. During the year under review we increased our business with major brands. Particularly significant was an order for 2.5 million metres of fabric used in making the red "England Away" soccer shirt worn when England plays outside their home country. New accreditation were received from Adams and Woolworth," Mendis said. Significant investments continue to be made in updating and expanding our facilities, the main aim of this investment being a wider choice and improved support and responsiveness for customers. A major expansion program, whereby capacity will increase by 50% was commenced towards the end of the year and is now virtually complete. We are committed to high standards and this was reflected in our winning the prestigious National Quality Awards for Large Scale Manufacturers, in 2003," he said, "The group directly employs 528 persons, most of whom are from villages around the factory in areas where employment opportunities are low. The group provided and will continue to provide, opportunities for employees to improve their skills, thereby also contributing to the growth of the group," he said. |
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