Hayleys Post-tax profit tops
Continued strong operational and sales performances in the second
quarter of 2006-07 have enabled Hayleys MGT Knitting Mills, Sri Lanka's
largest polyester and polar fleece fabric manufacturer, to post solid
top and bottom line results for the first half of the year.
The Hayleys PLC associate has reported profit after tax and Economic
Service Charge (ESC) of US$ 2.6 million for the six months ending
September 30, a growth of 19 per cent ever the corresponding period of
last year. Post tax profit for the second quarter, at US$ 1.7 million
was nearly double the first quarter figure of US$ 872,000.
Turnover grew 13 per cent to US$ 28.5 million in the period under
review and profit before tax was up 18 per cent to US$ 2.7 million,
according to the company's income statement released to the Colombo
Stock Exchange this week.
Hayleys MGT's Earnings per Share stood at Rs. 5.76 (US$ 05) as at
September 30, 25 per cent higher than a year previously, and more than
200 per cent higher than the Rs. 1.91 (US$ 02) reported at the end of
the first 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., Joint Managing Director Hayleys MGT Knitting
Mills Bandula Weerasinghe said.
"Our financial performance in the current year reflects the
anticipated impacts of quality and capacity enhancements at our plant
and is also an indicator of the strong growth potential in the business.
We are quite pleased with these results".
A major supplier to top international brands such as Marks and
Spencer, Nike, Reebok, Decathlon and Adidas, Hayleys MGT achieved the
significant milestone of becoming the first fabric manufacturer in Sri
Lanka to be certified as compliant with the world's most stringent
Social Accountability standard, SA8000 in the period under review.
And earlier this week, the company received the National Productivity
Award in the Large Scale Manufacturing category for its achievements in
improving labour and capital productivity.
Hayleys MGT has increased its capacity to produce Lycra-based value
added fabric by 200 per cent over the previous year to meet higher
demand from clients such as Marks and Spencer.
The production and export of wool fabric commenced in the first
quarter of the current year. |