World fuel slips to $125 per barrel
World crude, for the first time in many weeks, slipped below the $130 per barrel level when it was pegged at $126.25 on Wednesday, oil industry sources said.
The Central Bank in its daily update on international petroleum prices said the Brent variety was traded at $126.23 while the OPEC basket was going at $127.43. The Singapore refined products market had also come down to $130.40 for petrol, $162.10 for diesel and $165.10 for kerosene.
Flooring company, Parquet to be restructured
Parquet Ceylon Ltd, a flooring products company owned by Lanka Tiles Ltd, is to be restructured in the coming months aimed at turning it into a profitable organisation, the company has informed the Colombo Stock Exchange.
“In the said process, we will be disposing of unproductive and unutilised assets including some machinery and part of the land at our factory premises at Belummahara, Imbulgoda,” Mahendra Jayasekera, Managing Director of Parquet has said in the announcement.
He said the money after realizing these assets will be used to settle debt and to invest in new product lines. The company, currently exporting about 30 to 40 percent of its output with the balance sold in the local market, has been showing losses in recent years.
Hayleys MGT revenue up 14% to US$14.9 mln in 1st quarter
Hayleys MGT Knitting Mills, Sri Lanka’s largest manufacturer of polyester and polar fleece fabric, has achieved a turnover of US$ 14.9 million in the first quarter of 2008-09, but seen profits fall due to disruption of production as a result of inclement weather conditions, a company statement said.
The company’s profit after tax and Economic Service Charge (ESC) at $705,228 fell by 19 percent over the corresponding quarter of last year, despite a 14 percent growth in turnover.
Hayleys MGT Joint Managing Director Bandula Weerasinghe said floods in the Kalutara District in the first week of June had isolated the company’s manufacturing plant, making it accessible only by boat. As a result, the company had lost approximately 100,000 kg of production, which would have contributed $700,000 to revenue.
“If not for this unfortunate occurrence, the company’s performance would have been on par with that of the first quarter of 2007-08, despite the significantly higher costs of furnace oil and electricity,” Mr. Weerasinghe said.