Sri Lanka knit fabric maker reduces losses

Feb 05, 2013 (LBO) – Sri Lanka’s Hayleys MGT Knitting said it lost 110 million rupees in the December 2012 quarter down from a loss of 156 million rupees a year earlier. The firm reported a loss of 73 cents per share. For the nine months to December the firm reported a loss of 196 million rupees, down from 514 million rupees a year earlier.

Hayleys MGT raised cash and went through a re-structuring process after the discovery of unreported losses.

The firm has US dollar accounts which are translated into rupees.

Hayleys MGT said revenues rose 19 percent to 11.5 million US dollars in the December 2012 quarter from a year earlier and cost of sales kept pace rising 20 percent to 11.1 million US dollars.

Gross profit fell 10 percent to 390 million US dollars. Translated into rupees however gross profits were up 4 percent to 51 million rupees. Sri Lanka’s rupee weakened during 2012.

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