Sri Lanka Hayleys Knitting Mills in Sept quarter loss

Nov 04, 2011 (LBO) – Sri Lanka’s Hayleys MGT Knitting Mills (HMGT) made a loss of 1.7 million US dollars in the September 2011 quarter compared with a 486,095 dollar profit a year ago. The firm, part of the Hayleys group, said in a stock exchange filing that sales fell 19 percent to 15.5 million US dollars in the period.

Earnings per share for the quarter were 0.033 US cents compared with 0.01 the previous year.

Gross profit of the firm, , which supplies knitted cotton and synthetic fabric to Sri Lanka’s apparel export business and to export markets, also fell, down 78 percent to 787,106 dollars.

Cotton prices have been volatile this year, hitting record highs earlier this year before coming down because of poor harvests and strong demand.