Orient Garments storms back in to profits under new board

Monday, 5 May 2014 00:00 - - {{hitsCtrl.values.hits}}

Posts Rs. 113 m profit in 4Q up from Rs. 13 m a year earlier Orient Garments Plc stormed back to black after Adam Investments Ltd took control and constituted a new board headed by Chairman Dr. Ali Asger Shabbir Gulamhusein.

The company recorded a profit of Rs. 113,264,820 in the fourth quarter 2013/14, up from Rs. 13,095,907 in 2012/13, unaudited statements uploaded to Colombo Stock Exchange’s website end of last month (April) showed. While turnover was lower than the previous year, OGL still squeezed out a higher profit by tightening up administrative expenses to Rs. 2.1 m from Rs. 55.4 m (reduction of 96.3%) in the fourth quarter of previous year. The company also reversed marketing and logistics expenses to contribute an exceptional Rs. 82.8 m to the bottom line. While the new board’s efforts reversed the loss making trend, it could not prevent the company recording a loss of Rs. 330.3 m for the full year 2013/14. “We are very pleased with our efforts to improve the profitability of this well-respected company, and we shall continue our efforts to bring our stakeholders the best returns without adding to risk or liability,” said Dr. Gulamhusein. “I truly appreciate the efforts of my board, management and workforce for making their best effort to help the comprehensive restructuring program we undertook since taking over. As you can see, your efforts have paid off, handsomely,” he said. The Board Directors of Orient Garments is: Dr. Ali Asger Shabbir Gulamhusein, Dr. Lawrence Mervyn Fritsgerald Adams, Danushya Mediwake Gulamhusein, Saliya Pushpakumara Perera , Udeni Abeykoon, Mohamed Imran Rasheed, Idris Shabbir, Dr. Thirugnanasambandar Senthilverl and Stanley Christoffel Asoka Obeyesekere.