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BPPL Holdings to soon commission synthetic yarn plant
Apr '17
Sri Lanka based BPPL Holdings is moving ahead with its plans for commissioning synthetic yarn plant over the next few months. The company has already placed orders with machinery suppliers following successful trials conducted with its own hot washed recycled PET flakes. It has also commenced construction of a new yarn production facility.

The new monofilament yarn manufacturing factory is being built in the Horana BOI Industrial zone at a cost of Rs 675 million. This facility is set to come on-stream in the January to March quarter of 2018 and contribute to revenue from April 2018, the company said while announcing its interim unaudited financial results for the eleven month period April 2016 to February 2017.

Consolidated revenue for the period was Rs 2.2 billion, up 19 per cent over the corresponding period in the previous year. Revenue continued to grow as the company pursued its dual objectives of penetrating the household market segment both through direct sales to retailers and own branded goods sales in Sri Lanka and Indonesia. Direct sales accounted for 11 per cent of total sales for the period, up 30 per cent year-on-year. Own branded goods also grew by 55 per cent, again over the corresponding period in the previous year.

Gross profit was up by a faster 30 per cent year-on-year to Rs 881 million due to margin expansion amid revenue growth. Gross profit margins, which improved from 37 per cent to 40 per cent during the eleven month period ended February 2017, continued to benefit from higher productivity, lower costs as a result of improved raw material sourcing and Sri Lankan rupee depreciation against the US dollar.

Improved productivity and stringent cost controls also led to a 47 per cent increase in operating profit to Rs 472 million compared to the same period in the previous year. (RKS)

Fibre2Fashion News Desk – India

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