Sri Lanka Hayleys MGT profits sharply up in June quarter

ECONOMYNEXT – Profits at Sri Lanka’s Hayleys Plc, a fabric maker, grew to 227 million rupees in the June 2019 quarter from 16 million rupees a year earlier helped by strong revenue and margin growth, interim account showed.

The firm reported earnings of 1.09 rupees per share for the quarter.

Revenues grew 41 percent to 3.336 billion rupees, cost of sales grew 35 percent to 2.79 billion rupees, and gross profits grew at a faster 81 percent to 543 million rupees.

Financing costs rose 38 percent to 52.86 billion rupees. Sri Lanka’s rupee fell from around 153 to the US dollar at the beginning of 2018 to about 176 now. (Colombo/July30/2019)

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