Orient Garments stitches up Rs.113 mln profits in 4Q
View(s):Orient Garments Plc (OGL), now owned by Adam Investments Ltd, says it recorded a profit of Rs. 113,264,820 in the fourth quarter 2013/14, up from Rs. 13,095,907 in 2012/13.
According to unaudited statements filed on the Colombo Stock Exchange’s website, even though turnover was lower than the previous year, the company squeezed out a higher profit by tightening up administrative expenses to Rs. 2.1 million from Rs. 55.4 million (reduction of 96.3 per cent) in the fourth quarter of previous year.
The company also reversed marketing and logistics expenses to contribute an exceptional Rs. 82.8 million to the bottom line. While the new board’s efforts reversed the loss making trend, it could not prevent the company recording a loss of Rs.330.3 million for the full year 2013/14.
“We are very pleased with our efforts to improve the profitability of this well-respected company, and we shall continue our efforts to bring our stakeholders the best returns without adding to risk or liability,” said Dr. Ali Asger Shabbir Gulamhusein, Chairman – Adam Investments Ltd. “I truly appreciate the efforts of my board, management and workforce for making their best effort to help the comprehensive restructuring program we undertook since taking over. As you can see, your efforts have paid off, handsomely,” he said.