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Hayleys MGT bounces back with Rs.17mn 3Q profits
Hayleys group’s knitted fabric maker, Hayleys MGT Knitting Mills PLC posted a net profit of Rs.17.3 million for the quarter ended December 31, 2014 (3Q15) against a net loss of Rs.22.3 million in the same quarter of the previous year.
The earnings per share (EPS) improved to 9 cents from a loss per share of 13 cents. The company’s business expanded during the quarter under review as it reported a 12 percent year-on-year (yoy) increase in revenue to Rs.2.3 billion. The gross profits for the period thus surged 58 percent yoy to Rs.226.1 million, despite a 9 percent rise in sales costs.
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