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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.
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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.

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Value of garment exports had risen to 23.9 million US dollars in 2009/10 from 22.

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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.

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

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