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Hayleys MGT Knitting Mills, the Hayleys Group’s cotton and synthetic fabric manufacturing business has reported a net profit of US$ 601,899 for the first quarter of 2009-10, on a turnover of US $ 11.8 million.
Results released to the Colombo Stock Exchange this week show that the company recorded declines in both turnover and profit in the three months ending June 30, 2008, despite achieving a 23 per cent reduction in its cost of sales in the period reviewed.
Hayleys MGT Jt. Managing Director Bandula Weerasinghe said the drops of 21 per cent and 15 per cent respectively in turnover and profit after tax were mainly attributable to price reductions and higher finance costs.
The commissioning of a new bio mass steam generator in the second quarter of the year, and the installation of a state-of-the-art rotary and digital printing facility would help offset high energy costs and add value to the company’s product range, Weerasinghe disclosed. Hayleys MGT can now offer comprehensive fabric printing solutions for both 100 per cent cotton and synthetic fabrics.
