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20 Feb 2017
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Hayleys Fabric December profits down 83%

The Hayleys group knitted fabric manufacturing unit, Hayleys Fabric PLC, reported a net profit of 6 cents a share for the quarter ending December 2016, against 34 cents a share recorded during the same quarter last year, the interim report of the company showed. The net profit for the quarter accordingly was Rs.12.15 million, a sharp 83 percent decline from a year ago. This is the third quarter in a row the company’s profits have fallen

According to the financials, the performance has been affected by the 5.0 percent fall in revenues to just over Rs.2.0 billion for the quarter. The cost of sales were contained by 3.0 percent year-on-year (YoY) but was not enough to reverse the trend in profits as the administrative expenses rose. Meanwhile, for the nine months ended in December 31, 2016, the company reported earnings of 36 cents against Rs.1.00 a share a year ago. This translates into a cumulative net profit of Rs.75.6 million, down 64 percent YoY.

The company launched its own branded fabric ‘Inno’ in February 2014 moving up in the value chain through innovation. Hayleys Fabrics PLC is an indirect exporter as it supplies to the local garment manufacturers. As of December 31, 2016, Hayleys PLC held a 58.96 percent stake in the company followed by a 5.42 stake by Ceylon Investment PLC and 5.24 percent by Ceylon Guardian Investment Trust PLC. The state-controlled private sector pension fund, the Employees’ Provident Fund, had a 2.67 percent stake in the company being the fourth largest shareholder.

Hayleys Fabric

Established in 1993, Hayleys Fabric PLC is the pioneer in textiles manufacturing in Sri Lanka. We provide end to end solutions from design to manufacturing of fabric made out of natural and synthetic fibers. Company also has the capability of in-house printing with 16-colour printing machines, fabric brushing machines and sueding machines. Hayleys PLC, our parent company, is the oldest conglomerate in Sri Lanka with interests in diverse business operations. Hayleys MGT Knitting Mills shares are listed on the Colombo Stock Exchange (symbol: MGT.N0000). For more information, go to www.hayleysmgt.com.

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