Hayleys MGT Knitting Mills reports strong 1Q profit growth

Hayleys MGT Knitting Mills has posted strong profit after tax growth in the first quarter of 2007-08 in a performance driven by substantial capacity enhancements and new product development, a company statement said.

A major supplier to top international brands such as Marks & Spencer, Nike, Reebok, Decathlon and Adidas, Hayleys MGT’s profit before tax topped Rs 100 million in the three months ending June 30, 2007, growing 66 per cent over the first quarter of last year. Profit after tax and Economic Service Charge grew 70 per cent to Rs 97 million in the period under review, on a turnover of Rs 1,462.5 million, up 36 per cent.

The figures for the quarter reviewed are based on the amalgamated results achieved by Hayleys MGT Knitting Mills and its former subsidiary Hayleys ADC Textiles Ltd. Hayleys MGT has a production capacity of 4 million metres of fabric per month in its state-of-the art plant in the Kalutara District. The company is a key supplier of high quality knitted fabric to the Sri Lankan apparel industry and to direct export markets. Over 10 per cent of its production is exported directly.