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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Orient Garments back to profit in 4Q

Orient Garments back to profit in 4Q

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1Orient Garments back to profit in 4Q  Empty Orient Garments back to profit in 4Q Mon May 05, 2014 5:28 pm

Jayashantha

Jayashantha
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Orient Garments Plc stormed back to profit after Adam Investments Ltd took control and constituted a new board headed by Chairman Dr. Ali Asger Shabbir Gulamhusein.

The company recorded a profit of Rs. 113,264,820 in the fourth quarter 2013/14, up from Rs. 13,095,907 in 2012/13, unaudited statements uploaded to Colombo Stock Exchange's website end of last month (April) showed.

While turnover was lower than the previous year, OGL still squeezed out a higher profit by tightening up administrative expenses to Rs. 2.1m from Rs. 55.4m (reduction of 96.3%) in the fourth quarter of previous year.

The company also reversed marketing and logistics expenses to contribute an exceptional Rs. 82.8m to the bottom line. While the new Board's efforts reversed the loss making trend, it could not prevent the company recording a loss of Rs 330.3m for the full year 2013/14.

- See more at: http://www.dailynews.lk/?q=business/orient-garments-back-profit-4q#sthash.gWhpP4ii.dpuf

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