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19 May 2015
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Hayleys MGT Knitting Mills shows positive turnaround in year ending 31st March 2015

Hayleys MGT Knitting Mills PLC today reported results for the fourth quarter ended March 31, 2015.

Company recorded a profit after tax of 90 million (US $ 680,000) for the financial year ending March 31, 2015, delivering a profit growth of 149% and a top line growth of 6% year-on-year. FY 2014-15 marked the first year of the company recording a surplus after consecutive losses during the recent past. The company also generated a cash profit of 412 million (US S 3.1 million) in the year under review.

The changes made in the top management continued to show results by attracting business to fill capacity and though improved performance on quality and on-time delivery. Cost Suction measures, productivity improvements, system and process improvements were some of the main contributory factors for the better performance. The positive results shown from the first quarter of 2014 gave confidence to institutional investors to make significant investments, shareholders to oversubscribe a rights issue 4nd the banking sector to enhance credit facilities which helped the company to significantly improve its cash flow position as well as restructure loans.

During the year, the company also made significant investments to up-grade production technology, information systems, enhanced effluent treatment facility and training and development of the staff. One of the key differentiations made during the year was to set up an innovation center to develop new fabric which became a tremendous success to attract new business. Today, the fabrics are sold under a special brand named 'inno’ The Company hopes to make further investments during the ensuing year and looks forward to increasing the stakeholder value.

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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