Hayleys MGT profit up 33% at US$ 5.8 mln

New products and lean manufacturing combined to knit strong top and bottom line results in 2007-08 for Hayleys MGT Knitting Mills, Sri Lanka’s largest manufacturer of polyester and polar fleece fabric.

The Hayleys PLC associate which accounts in US Dollars has reported a profit after tax and Economic Service Charge (ESC) of $ 5.877 million for the year ending March 31, 2008, a growth rate of 33.7 percent. Profit before tax at $ 6.026 million was up 32.6 percent, while turnover grew 17.5 percent to $ 59.7 million, the company said.

“The fact that profit growth in percentage terms was much higher than turnover growth speaks to the substantial gains that we have generated through a whole-hearted commitment to lean manufacturing processes,” Hayleys MGT Joint Managing Director Bandula Weerasinghe said. “Equally significant is the fact that we have simultaneously further enhanced quality and introduced new products into our portfolio.”