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The Invisible
The Invisible
Posts : 2776
Join date : 2016-11-28
Age : 41

Sri Lanka's Hayleys Fabric back in profit in June quarter Empty Sri Lanka's Hayleys Fabric back in profit in June quarter

on Fri Aug 03, 2018 7:59 am
Message reputation : 100% (3 votes)
ECONOMYNEXT –Sri Lanka's Hayleys Fabric returned to profit in the June 2018 quarter with net earnings of 16 million rupees compared with a loss of 25 million rupees a year earlier, accounts filed with the stock exchange showed, on improving margins and growing order book out of Europe thanks to GSP Plus.

The fabric maker, a unit of Hayleys PLC, reported earnings per share of eight cents in the quarter compared with a loss of 12 cents a year ago.

Sales grew 17 percent in the quarter to 2.4 billion rupees from a year ago, while cost of sales grew at 15 percent to 2 billion rupees, leading to a gross profit of 229.8 million rupees, up 40 percent from a year ago.

"Directly marketing our own branded range of innovative fabrics has helped us achieve better margins," Hayleys Fabrics Managing Director Rohan Goonetilleke said.

The reinstatement of GSP Plus has also seen an increase in the company's order book.

"Everyone in Sri Lanka's apparel industry is now producing at full capacity because of GSP Plus, and there is less competition for orders," Goonetilleke said.

Going forward, increasing raw material prices are expected to impact margins.

"Global yarn prices have increased and we may have to ride through that because customers are not willing to immediately absorb the additional cost.

"This will impact margins going forward, but overall, we expect a good year ahead," Goonetilleke said. (COLOMBO, 1 August 2018)
Ethical Trader
Ethical Trader
Top contributor
Top contributor
Posts : 5567
Join date : 2014-02-28

Sri Lanka's Hayleys Fabric back in profit in June quarter Empty Re: Sri Lanka's Hayleys Fabric back in profit in June quarter

on Fri Aug 03, 2018 6:06 pm
Thanks for sharing. Good corporate results should be a boost to the CSE.
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lanka
Posts : 619
Join date : 2014-11-26

Sri Lanka's Hayleys Fabric back in profit in June quarter Empty Re: Sri Lanka's Hayleys Fabric back in profit in June quarter

on Sat Aug 04, 2018 5:05 pm
Thank you
spw19721
spw19721
Active Member
Active Member
Posts : 681
Join date : 2015-08-22

Sri Lanka's Hayleys Fabric back in profit in June quarter Empty Re: Sri Lanka's Hayleys Fabric back in profit in June quarter

on Sun Aug 05, 2018 12:11 am
Thanks for the update.Does anyone have an about the maturity period of GSP benefit.feeling like we wont win it after 2020.
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