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.
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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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