Lee Hedges & Co. Ltd. (formerly Shaw Wallace & Hedges) has posted a first quarter group loss of Rs. 6.8 million largely on account of losses in its garment making subsidiary, Viking Fashions (Pvt) Limited.

The company has told shareholders in an interim statement that the garment industry is currently going through "a very difficult period" due to fewer customers placing orders in Sri Lanka and a sharp drop in prices. Lee Hedges have however assured that steps" are being taken to turnaround Viking.

Group revenue during the period ended June 30, 2003 was down to Rs. 32.2 million from Rs. 44.1 million a year earlier and an operational loss of Rs. 6.2 million, up from a loss of Rs. 3.2 million was reported for the quarter.

The after-tax loss for the period at Rs. 6.8 million was up from Rs. 2.7 million a year earlier.

Lee Hedges has an issued share capital of Rs. 51.2 million, capital reserve of Rs. 506.9 million and a revenue reserve of Rs. 85 million in its books.

The company which owns valuable Kollupitiya real estate had net assets per share of Rs. 125.60 as at June 30, 2003, down from Rs. 130.60 a year earlier.