Sri Lanka’s Hayleys Fabric makes loss in Dec quarter

ECONOMYNEXT –Sri Lanka’s Hayleys Fabric made a loss of 10.8 million rupees in the December 2017 quarter compared with a 12.1 million rupee profit a year earlier, accounts filed with the stock exchange showed.

The fabric maker, a unit of Hayleys PLC, reported a loss of five cents a share in the quarter, despite Sri Lanka regaining GSP Plus trade concessions to the EU in May 2017.

In the nine months to December 2017, Hayleys Fabric reported a 10 cents loss per share on a total loss of 21.1 million rupees.

Revenues grew four percent in the quarter from a year ago to 2.1 billion rupees, while cost of sales also grew at four percent to 1.9 billion rupees, leading to a gross profit of 229.7 million rupees, up five percent from a year ago.

Administrative expenses grew 16 percent to 187.9 million rupees and financing costs increased 24 percent to 38.5 million rupees.

In the notes to the accounts, the Hayleys Fabrics said contingent liabilities on bills discounted amounted to 69,271 US dollars (about 10.6 million rupees). (COLOMBO, February 06, 2018)

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