Category: Apparel

Apr 08, 2011 (LBO) – Sri Lankan apparel exporter MAS Holdings has said sales of its Amante lingerie brand are growing strongly in India and that it hopes to break even in the market this year. “We’re having phenomenal growth in India, averaging 40 percent,” said Ajay Amalean, director, MAS Holdings. “The category itself is […]

Apr 05, 2011 (LBO) – Textured Jersey Lanka, a Hong Kong-Sri Lanka joint venture textile firm said it raised 1.74 billion rupees (15.8 million US dollars) through a private placement of shares ahead of a public offer. The joint venture partners, Hong Kong listed Pacific Textile Holdings and Sri Lanka’s Brandix, a private firm, said […]

Mar 22, 2011 (LBO) – Sri Lanka’s Brandix, a top apparel exporter, is expanding its lingerie business by launching a separate division, after getting full control of two joint venture factories and buying a third facility, the group said. The lingerie business now employs 2,600 people and there were plans to increase workers by 20 […]

Mar 19, 2011 (LBO) – Sri Lanka’s Textured Jersey, a textile make owned by Brandix Lanka Ltd and Pacific Textiles of Hong Kong said it is planning to raise 2.9 billion rupees (26.3 million US dollars) through a private placement and initial public offering. Pacific Textiles now owns 60 percent of the firm and Brandix […]

Mar 02, 2011 (LBO) – Sri Lanka’s Kuruwita Textile Mills said slowing sales and high cotton prices have caused mounting losses that it hopes to mitigate by passing onto customers higher costs and hiring a new chief executive. Interim results filed with the stock exchange showed December 2010 quarter losses of 108 million rupees compared […]

Feb 03, 2011 (LBO) – Sri Lankan apparel exporters are getting enough overseas orders and not been affected as badly as feared by the loss of duty free access to European Union markets, officials said. “Exports are growing moderately,” said A Sukumaran, chairman of the Joint Apparel Association Forum (JAAF), an industry body. “We have […]

Feb 02, 2011 (LBO) – Sri Lankan fabric maker Hayleys MGT Knitting Mills made a loss of 626 million rupees (5.6 million US dollars) in the December 2010 quarter following provisioning after an audit inquiry into a fraud, a statement said. The company said the discrepancies forced it to make an additional provision of almost […]

Feb 02, 2011 (LBO) – Fitch Ratings Lanka has downgraded Hayleys MGT Knitting Mills (HMGT) to ‘BBB(lka)’ from ‘BBB+(lka)’ with a negative outlook, a statement said. HMGT’s liquidity was adequate based on unutilised facilities of 8.3 million dollars as at end-September 2010. “The downgrade primarily reflects HMGT’s lower operating margins,” it said. “The company’s inability […]

Dec 15, 2010 (LBO) – Fitch Ratings Lanka has downgraded Hayleys MGT Knitting Mills’ (HMGT) national long-term rating to ‘BBB(lka)’ from ‘BBB+(lka)’ with a negative outlook, a statement said. HMGT’s liquidity was adequate based on unutilised facilities of 8.3 million dollars as at end-September 2010, Fitch said. “The downgrade primarily reflects HMGT’s lower operating margins,” […]

Dec 10, 2010 (LBO) – Fitch Ratings said it placed Hayleys MGT Knitting Mills on ‘Rating Watch Negative’ after the Sri Lankan fabric manufacturer warned of losses when an inquiry revealed discrepancies in inventory and accounts receivables. Fitch has given Hayleys MGT Knitting Mills, a unit of the Hayleys conglomerate, a national long-term rating of […]

Nov 24, 2010 (LBO) – High cotton prices has sharply increased losses at Sri Lankan fabric supplier Kuruwita Textile Mills, which is part of the Brandix apparel export group, a stock exchange filing said. “Whilst cotton prices are expected to remain high going forward, your company will be working towards achieving more favourable results with […]

Nov 12, 2010 (LBO) – Ashroff Omar, head of Sri Lanka’s Brandix apparel group had told a global conference that the creation of larger firms can drive research and development to make apparels give higher value to users, his company said. He had delivered the keynote address at an event marking 100 years of The […]