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06 November, 2013 07:08 AM Source: Lanka Business Online - LBO
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Sri Lanka's Hayleys MGT Knitting Mills Plc, a knit fabric maker said it had turned around with a profit of 164,000 dollars in the September 2013 following a management shake-up and new business.

The firm reported profits 0.1 cents (US dollars) per share for the quarter. In the six months to September it lost 548 million US dollars.

"Changes in the top management, clear direction and focus on key results through restructuring, process changes, improvement in quality levels, cost reduction initiatives and productivity improvements were some of the key initiatives supporting the turnaround," chairman Mohan Pandithage told shareholders.

"These changes also contributed towards the buildup of customer confidence during the first quarter of the year, which translated into attracting new business during the 2nd quarter. More...

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