May 14, Colombo: New products and lean manufacturing combined to knit strong top and bottom line results in 2007-08 for Hayleys MGT Knitting Mills, Sri Lanka's largest manufacturer of polyester and polar fleece fabric.

The Hayleys PLC has reported a profit after tax and Economic Service Charge (ESC) of $ 5.877 million for the year ending March 31, 2008, a noteworthy growth of 33.7 percent. Profit before tax at $ 6.026 million was up 32.6 percent, while turnover grew 17.5 per cent to $ 59.7 million.

The figures for the period reviewed were based on the amalgamated results achieved by Hayleys MGT Knitting Mills and its former subsidiary Hayleys ADC Textiles Ltd.