Sri Lanka knit fabric maker reduces losses

Author lbostgadmin | Posted on February 5, 2013 | Apparel

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.