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16 May, 2011 09:44 AM Source: Financial Times - Sri Lanka
MGT Knitting Mills.jpg

In what is dubbed as the biggest fraud in a listed manufacturing entity, Hayleys MGT Knitting Mills Plc has suffered its first ever loss in 2010/11 financial year following an estimated over Rs. 700 million provisioning.

As per provisional results released last week, Hayleys MGT Knitting Mills reported a Rs. 800 million loss in comparison to a re-stated profit figure of Rs. 367 million in 2009/10. In US Dollar terms the profit after tax in 2009/10 was $ 3.21 million whilst it has been now-re-stated as $ 3.16 million.

It was the first loss for the company since the knitted fabric manufacturer listed itself in 2003. In 2007/8 financial year Hayleys MGT posted its highest ever profit of $ 5.8 million. More...

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