Fri, 03 Dec 2021 Today's Paper

Hayleys Fabric earnings, revenue surge in 1Q

30 July 2019 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

The Hayleys group knit fabric maker Hayleys Fabric PLC saw a surge in earnings for the June quarter (1Q20), well supported by the firm’s top line, the interim financial accounts released to the Colombo Stock Exchange yesterday, showed.


The company posted earnings of Rs.1.09 per share or Rs.277.1 million for the quarter under review, compared to earnings of 8 cents or Rs.16.1 million reported for the same
quarter, last year.


The revenue for the period rose 41 percent year-on-year (YoY) to Rs.3.3 billion while cost of sales rose at a lesser pace of 35 percent YoY to Rs.2.8 billion, resulting in a gross profit of Rs.543.6 million, up 81 percent YoY.


An anticipated demand drop in China, who is also one the two leading suppliers of cotton yarn in the global market, is expected to curtail yarn prices, the key raw material of Hayleys Fabric, going forward.


Hayleys Fabric is a major supplier to the textile industry and delivers 2.5 million metres of fabric each month to apparel manufacturers from the factory located in Narthupana Estate, Neboda, in the Western Province.  

The company, which was earlier known as Hayleys MGT Knitting Mills PLC, offers end-to-end solutions from design, development, printing, brushing and sueding of pure and blended polyester and cotton fabrics.


Hayleys PLC with its subsidiary companies holds 63.05 percent stake in Hayleys Fabric while the Employees’ Provident Fund has a 2.67 percent stake being the fifth largest shareholder of the company.

 

  Comments - 0


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





A Sri Lankan giving dignified burials to unclaimed bodies for five decades

After their death, most people are memorialized at a service, surrounded by g

Focus on Laggala Gem mining big shots bigger than the law

The truth is now being uncovered regarding an illegal mining racket in state

How and why the TNA was formed twenty years ago

The Tamil National Alliance (TNA) is now twenty years of age. The premier pol

India lays emphasis on culture diplomacy with Sri Lanka

Indian Prime Minister Narendra Modi wanted to inaugurate the Kushinagar Inter