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Hayleys MGT posts noteworthy results for 9-months
04
Feb '08
Sustained operational and sales performances in the third quarter of 2007-08 have enabled Hayleys MGT Knitting Mills, Sri Lanka's largest polyester and polar fleece fabric manufacturer, to post noteworthy results for the first nine months of the year.

The Hayleys PLC associate has recorded profit after tax and economic service Charge (ESC) of US$ 4.1 million for the nine months ending 31st December, a growth of 44 per cent over the corresponding period of last year. Post tax profit for the third quarter, at US$ 1.47 million reflected a marginal drop over the second quarter figure of US$ 1.7 million.

The company's income statement released to the Colombo stock Exchange this week reveals that turnover grew 18 per cent to US$ 44.8 million in the period under review while profit before tax was up 44 per cent to US$ 4.2 million.

Hayleys MGT's earnings per Share stood at Rs 8.98 (US$ .08) as at 31 st December 33 per cent higher than a year previously and more than 50 per cent higher than the Rs 5.76 (US$ .05) reported at the end of the second quarter of the current year.

The figures for the period reviewed were based on the amalgamated results achieved by Hayleys MGT Knitting Mills and its former subsidiary Hayleys ADC Textiles Ltd.

Hayleys MGT Knitting Mills won the National Productivity Award in October 2007 for noteworthy achievements in labour, material, energy and capital productivity indicators in 2006-07. It also became the firstlocal manufacturer to achieve SA8000 Social Accountability Standard in the same month.

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