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19 May 2014
Press

Hayleys MGT cuts losses in March

Hayleys MGT Knitting Mills PLC today reported results for the fourth quarter ended March 31, 2014.

The knit fabric maker incurred a net loss of Rs.88.7 million during the-quarter ended March 31, 2014 down from a loss of Rs.295.1 million in 2013, largely due to substantial top line growth. Interim financials released to the Colombo Stock Exchange revealed that revenue grew 85 percent year-on-year (YoY) to Rs.2.1 billion during the quarter under review while gross profits for the period was Es.151.2 million in comparison to a gross loss of Rs.70.3 million during the same period of last year.

The company recorded a loss of Rs.1.81 per share for the quarter in consideration as against a loss per share of Rs.5.56 during the corresponding quarter of the previous year. Meanwhile, for the year ended March 31, 2019 the company incurred a net loss of Rs.183.4 million down 62 Percent YoY.

Revenue in FY14 increased 39 percent YoY to Rs.8 billion while gross profits during the year was up 77 percent YoY to RS.595.6 million. Losses per share stood at Rs.1.2 for the year under review as against a loss of Rs.3.31 per share during the previous year. Also the company was able to manage its expenses better during the year under review. Administration expenses were up I percent YoY to Rs.522.3 million. Distribution expenses down 38 percent YoY to Rs.58.2 million and other expenses down 8 percent YoY to Rs.13.7million.

As at March 31, 2014 Hayleys PLC held a 78.56 percent stake in the company while Sri Lanka's Employees Provident Fund held a 2.67 percent stake (4 million shares) and is the second largest shareholder.

According to its website, the company has made total investments worth USD 200 million in the region and has a production capacity of 250,000 kg per week. Its buyers include Abercrombie and Fitch, Helly Hansen, Marks and Spenser, NEXT, Nike, Reebok, Victoria Secrets etc.

Hayleys MGT Knitting Mills

Established in 1993, Hayleys MGT Knitting Mills 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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