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Hayleys MGT Knitting Mills posts GP growth in 1H

Hayleys MGT Knitting Mills PLC has reported a Gross Profit growth of 47 percent to US $ 2.6 million for the six months ending September 30, 2012, signaling a turnaround by the Hayleys Group’s cotton and synthetic fabric manufacturing subsidiary.

The company, which posted a loss before tax of US $ 3.1 million for the first half of the preceding year, has reduced its pre-tax loss to US $ 599,545, and registered a cash profit of nearly US$ 800,000 for the period reviewed.

Hayleys MGT Knitting Mills Chairman Mohan Pandithage said that several measures taken by the company including successful implementation of the SAP Enterprise Resource Planning System have placed the business on a recovery path, and that the company is confident it would be out of the red by the end of financial year.

In end 2010, Hayleys MGT disclosed to the Colombo Stock Exchange that discrepancies between actual inventories and trade receivables had added US $ 3.27 million to administrative expenses, and generated a loss of US $ 5.2 million at pre and post tax level at the end of the third quarter of the year. A complete restructuring of the company followed.

According to interim financial statements filed with the Colombo Stock Exchange, Hayleys MGT has reduced its borrowings by more than 31 percent in the first six months of the financial year, from US $ 20.7 million to US $ 14.2 million.

The company has also improved gross margin by nearly 5 percent through initiatives to eliminate waste and contain costs, and reduced administrative expenses by 43 percent in the review period.

Net finance costs, however, increased by 18 percent during the period mainly due to translation losses arising from the Rights Issue in rupees.

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