Sri Lanka Orient Garments 11-month net up 9.7-pct to Rs96.7mn

June 23, 2011 (LBO) – Orient Garments that is to list on Colombo Stock Exchange’s second board made a net profit of 96.7 million rupees in the 11 months to February 28, 2011, up 9.7 percent from a year ago. Orient Garments is to list 54,916,656 shares through a process of ‘introduction’ where a formal initial offer for subscription is not made to the public but existing shareholders can sell down after the shares are listed. According to interim results in the prospectus, the firm, which a unit of Sri Lanka’s Finco group, had earnings per share after a share split of 1.76 rupees against 1.61 rupees a year ago.

Sales in the 11 months to February 28, 2011 rose 29 percent to 3,312 million rupees, said the company, the first apparel maker to go public.

Value of garment exports had risen to 23.9 million US dollars in 2009/10 from 22.2 million dollars in 2007/08, the prospectus said.

It showed Finco Holdings had sold down part of its stake in December 2010 at 23 rupees a share.

Finco Holdings sold 5.6 ordinary shares reducing its stake in Orient Garments from 14.3 million shares down to 8.7 million shares.