Sri Lanka Hayleys Knitting Mills loss narrows

Feb 06, 2012 (LBO) – Sri Lanka’s Hayleys MGT Knitting Mills (HMGT) managed to reduce losses in the December 2011 quarter from a year ago but sales also fell, interim accounts showed.

Hayleys MGT Knitting Mills made a loss of 515 million rupees for the nine months ending December 2011, down nine percent from the previous year with sales down 18 percent to 4.3 billion rupees.

The company said 1.6 million non-voting class ‘B’ shares were converted to ordinary shares in November 2011. The fabric manufacturing unit of the Hayleys conglomerate said its net loss fell 75 percent to 157 million rupees in the December 2011 quarter from a year ago.

Sales fell 26 percent to 1.1 billion rupees while gross profit fell 39 percent to 49 million rupees, according to the accounts filed with the Colombo stock exchange

The loss per share of the firm, which supplies knitted cotton and synthetic fabric to Sri Lanka’s apparel export business and to export markets, fell to 3.09 rupees from 12.36 rupees the year before.