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12 Aug 2014
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Positive top-line growth helps Hayleys MGT to land in green territory

Hayleys MGT, a knit fabric maker controlled by the Hayleys group, today reported results for the first quarter ended June 30, 2014.

Company reported a net profit of Rs.4.7 million for the June quarter (1Q-15), against a net loss of Rs.92 million in the same quarter of the previous year, amid positive top-line growth. The earnings per share for the quarter stood at 3 cents, against a loss per share of 61 cents, the interim financial accounts released to the Colombo Stock Exchange showed. The revenue for the quarter under review rose 17 percent year-on-year (YoY) to Rs.1.97 billion, while the cost of sales also rose 10 percent YoY to Rs. 1.74 billion, resulting in a gross profit of Rs.224 million, up 154 million. The distribution expenses rose to Rs.31 million from Rs.5.5 million in the previous year, while the administrative expenses fell 3 percent YoY to Rs.136 million. The net finance costs rose 44 percent YoY to Rs.50 million.

The balance sheet showed an increase of short-term interest-bearing borrowings to Rs.2.2 billion as at June 30, 2014, from 1.57 billion as at the same period of last year. Hayleys MGT Knitting Mills June this year announced a rights issue to raise Rs.526 million to retire debts and strengthen its financial position. Hayleys MGT Knitting Mills raised Rs.914 million through a 2:1 rights issue in May, 2012.

The shareholding structure of the company as at June 30, 2014 showed that the Carson group's two investment funds collectively held 15.5 percent of the issued share capital of Hayleys MGT. The two funds, Ceylon Guardian Investment Trust PLC (8.16 percent) and Ceylon Investment PLC (7.41 percent), didn't feature among the top20 shareholders of Hayleys MGT on the interim financial accounts of the previous year.

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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