Hayleys MGT – Knitting Mills shows positive turnaround in year ending 31 March

Tuesday, 19 May 2015 00:44 - - {{hitsCtrl.values.hits}}

Hayleys MGT – Knitting Mills PLC has recorded a profit after tax of Rs. 90 million ($ 680,000) for the financial year ending 31 March 2015, delivering a profit growth of 149% and a top line growth of 6% year on year.

FY 2014/15 marked the first year of the company recording a surplus after consecutive losses during the recent past. The company was also able to generate a cash profit of Rs. 412 million ($ 3.1 m) in the year under review.

The changes made in the top management continued to show results by attracting business to fill capacity and though improved performance on quality and on-time delivery. Cost reduction measures, productivity improvements, system and process 03-011 improvements were some of the main contributory factors for the better performance.

The positive results shown from the first quarter of 2014 gave confidence to institutional investors to make significant investments, shareholders to oversubscribe a rights issue and the banking sector to enhance credit facilities which helped the company to significantly improve its cash flow position as well as restructure loans.

During the year, the company also made significant investments to up-grade production technology, information systems, enhanced effluent treatment facility and training and development of the staff. One of the key differentiations made during the year was to set up an innovation center to develop new fabric which became a tremendous success to attract new business. These fabrics are now sold under a special brand named ‘Inno’.

The company has planned further investments during the ensuing year and is looking forward to increasing the stakeholder value.

The Board of Directors of Hayleys MGT – Knitting Mills comprises A.M. Pandithage (Chairman), E.R.P. Goonetilleke (Managing Director), K.D.D. Perera, S.C. Ganegoda, H. Somashantha, R.N. Somaratne, Dr. N.S.J. Nawaratne and A.S. Jayatilleka.

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