Sri Lanka’s Hayleys Fabric June net up sharply

ECONOMYNEXT – Hayleys Fabric said June 2015 quarter net profit shot up 653 percent to 35 million rupees from a year ago as the fabric manufacturer previously named Hayleys MGT Knitting Mills continued its recovery.

Earnings per share were 17 cents in the quarter compared with three cents a year ago as finance costs and distribution expenses fell. Sales improved three percent to two billion rupees, a stock exchange filing said.

The firm, a unit of the Hayleys group, is recovering after suffering losses stemming from a fraud in 2011.

The company has said it has shifted to higher value cotton and cotton blends using organic cotton where there is significant scope to improve profit margins. (Colombo/July 30 2015)

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