Hayleys MGT Knitting Mills, the Hayleys Group’s cotton and synthetic fabric manufacturing business, said this week that it posted a net profit of US$ 1.77 million for the six months ending 30th September 2009, up 25 % over the first half of the previous year.
The company in a statement said profit before tax and Economic Service Charge (ESC) had grown 20 % to US$ 1.8 million in the first half of 2009-10, despite turnover declining by a similar percentage to US$ 25.4 million.
“This noteworthy achievement was made possible by a 25 % drop in the company’s sales cost, largely as a result of lower energy costs; increased production of synthetic fabrics, a better product mix and lean production practices,” Hayleys MGT Jt. Managing Director Bandula Weerasinghe was quoted as saying.
“We had a particularly good second quarter,” Mr. Weerasinghe said, disclosing that net profit for the three months ending 30th September 2009, reflected a growth of % over the corresponding quarter of 2008-09.
The statement said the outlook for the rest of the year is equally strong, particularly since the commissioning of the company’s new bio mass steam generator and state-of-the-art rotary and digital printing facility would further offset energy costs and add value to the company’s product range. |
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