Hayleys MGT- Knitting Mills PLC has shown a positive turnaround in the year ending 31st March 2015

Hayleys M G T- Knitting Mills PLC has recorded a profit after tax of Rs. 90 Million (USD 680,000) for the financial year ending 31st March 2015, delivering a profit growth of 149% and a top line growth of 6% year on year. FY 2014/15 marked the first year of the Company recording a surplus after consecutive losses during the recent past. The company was also able to generate a cash profit of Rs 412 Million (USD 3.1Mn) in the year under review.

The changes made in the Top management continued to show results by attracting business to fill capacity and though improved performance on quality and on-time delivery. Cost reduction measures, productivity improvements, system and process improvements were some of the main contributory factors for the better performance.

The positive results shown from the first quarter of 2014 gave confidence to institutional investors to make significant investments, shareholders to oversubscribe a rights issue and the banking sector to enhance credit facilities which helped the company to significantly improve its cash flow position as well as restructure loans.

During the year, the company also made significant investments to up-grade production technology, information systems, enhanced effluent treatment facility and training and development of the staff. One of the key differentiations made during the year was to set up an innovation center to develop new fabric which became a tremendous success to attract new business. These fabrics are now sold under a special brand named ‘Inno’.

The company has planned further investments during the ensuing year and is looking forward to increasing the stakeholder value.

The Board of Directors of Hayleys MGT -Knitting Mills PLC comprises Messrs A.M. Pandithage (Chairman), E.R.P. Goonetilleke (Managing Director), K.D.D. Perera, S.C. Ganegoda, H. Somashantha, R.N. Somaratne, Dr. N.S.J. Nawaratne, A.S. Jayatilleka.




http://www.adaderana.lk/bizenglish/hayleys-mgt-knitting-mills-plc-has-shown-a-positive-turnaround-in-the-year-ending-31st-march-2015/

+ rep.

Yes this is share to watch for future. Right now fundamentals are not great. But next 2 quarters + if we get GSP+ it can make things brighter.

Yes. slstock. Hayleys group doing well at the moment...  

Hayleys MGT Knitting Mills PLC (MGT) @ LKR 19.10/=

Hayleys MGT Knitting Mills PLC engages in the manufacturing of knitted fabrics. MGT performance was affected during past few years, and FY2014/15 became the year with the turnaround. In concluded FY2013/14, MGT could able to wipe-out its massive loss making era and ended up reducing its losses to LKR 183Mn over LKR 480Mn losses in FY2012/13. But, revenue figures marked major increase to stretch LKR 8Bn (up by 39.2%) during the same period.

MGT’s growth momentum further accelerated during 9MFY2014/15, where MGT recorded an operating profit of LKR 53Mn against LKR 94.7Mn loss. MGT successfully concluded a Right Issue to be utilized to settlement of its debt. On the other hand, MGT has accessed more debt finance during the period and as a results of that MGT’s gearing position has been deteriorated, Debt to Equity ratio represents 33% as at the closure of 9MFY2014/15. MGT has become a more expectation driven share in the light of obtaining the GSP Plus concession. All the expectation- driven investor’s eyes are around the 2 listed fabric manufacturers and in case of any positive development on regaining GSP+ status, MGT is one of the prime beneficiaries.

Thank You.
   

slstock wrote:+ rep.

Yes this is share to watch for future.  Right now fundamentals are not great. But next 2 quarters + if we get  GSP+ it can make things brighter.

Thnks LSe..

Thanks LSE.

LSE wrote:Yes. slstock. Hayleys group doing well at the moment...  

Hayleys MGT Knitting Mills PLC (MGT) @ LKR 19.10/=

Hayleys MGT Knitting Mills PLC engages in the manufacturing of knitted fabrics. MGT performance was affected during past few years, and FY2014/15 became the year with the turnaround. In concluded FY2013/14, MGT could able to wipe-out its massive loss making era and ended up reducing its losses to LKR 183Mn over LKR 480Mn losses in FY2012/13. But, revenue figures marked major increase to stretch LKR 8Bn (up by 39.2%) during the same period.

MGT’s growth momentum further accelerated during 9MFY2014/15, where MGT recorded an operating profit of LKR 53Mn against LKR 94.7Mn loss. MGT successfully concluded a Right Issue to be utilized to settlement of its debt. On the other hand, MGT has accessed more debt finance during the period and as a results of that MGT’s gearing position has been deteriorated, Debt to Equity ratio represents 33% as at the closure of 9MFY2014/15. MGT has become a more expectation driven share in the light of obtaining the GSP Plus concession. All the expectation- driven investor’s eyes are around the 2 listed fabric manufacturers and in case of any positive development on regaining GSP+ status, MGT is one of the prime beneficiaries.

Thank You.
   

slstock wrote:+ rep.

Yes this is share to watch for future.  Right now fundamentals are not great. But next 2 quarters + if we get  GSP+ it can make things brighter.

Thanks LSE. Kindly post the source and the date of the document from which this was extracted.

http://www.echelon.lk/home/from-price-takers-to-price-setters/

https://cdn.cse.lk/cmt/upload_report_file/403_1564395584826.pdf