Hayleys MGT Knitting to be rebranded as Hayleys Fabric PLC
View(s):Hayleys MGT Knitting Mills PLC will be rebranded as Hayleys Fabric PLC, officials said. In the 2014/15 annual report, Hayleys MGT Managing Director/CEO Rohan Goonetilleke has said that with the many changes that have been made over the last couple of years and the emergence of a new culture and image, an opportunity has arisen to give a newidentity to the company. “This resulted in looking at the current name of the company with words such as ‘MGT’ and ‘Knitting Mills’ which did not give a right identity. Hence a name that will align and identify with the business of the company together with the high brand value of the name ‘Hayleys’ was thought to be appropriate at this juncture. Accordingly, the new name ‘Hayleys Fabric PLC’ is proposed,” he has said.
The company, offering end to end solutions from design, development, printing, brushing and sueding of pure and blended polyester and cotton fabrics, delivers 2.5 million metres of fabric each month to apparel manufacturers from the factory located in Narthupana, Neboda in the Western Province. Part of the conglomerate Hayleys PLC, Hayleys MGT launched our its branded fabric ‘Inno’ in 2014 February, maturing from being a manufacturing company to an innovating one.
The company has returned back to profitability with a net profit of US$ 679,920 with an improved risk profile supporting growth aspirations, Hayleys Mgmt Knitting CEO has said in his statement. “The apparel sector recorded a positive growth during the year supported by positive US market growth with positive knock on effects in other regions. Whilst the Euro Area growth was below expectations, there were clear signs of recovery and the comprehensive asset purchase plan announced by the European Central Bank is expected to further support economic growth. UK economic growth was in line with forecasts which was a positive development for the Sri Lankan apparel sector. Growth in these principal markets for the apparel sector in Sri Lanka supported the strong growth of the textiles and garments sector estimated at 13.7 per cent for 2014,” he has said.
Mr. Goonetilleke has said that the key areas that received focus in the year under review was in knitting, dyeing, effluent treatment and environment related areas. “Our capital structures were also reviewed and restructured to facilitate growth and rationalization of interest costs which contributed to the improved profitability. The rights issue in August 2014 for U$ 3,998,457 facilitated the restructuring of borrowings and thereby gave the opportunity to the company to invest in upgrading technology.”