Hela Apparel Holdings marks an impressive start to FY 2022/23

- island.lk

Records Rs. 354 MN PAT in its first quarter

Hela Apparel Holdings PLC recorded an impressive start to the financial year, with revenue growing by 114% year-on-year to Rs. 24.5 Bn in the first quarter. The significant growth was partly driven by the depreciation of the rupee during this period, while the Group’s underlying US Dollar-denominated revenue also rose by 28%. This reflects the continuation of strong consumer demand conditions in Hela’s key export markets and the ramp-up in production at its newly-established manufacturing facility in Egypt.

The organisation also posted a significant increase in profits, recording a Profit After Tax of Rs. 354 Mn in the first quarter, compared to Rs. 58 Mn in the same period of the previous financial year. This positive performance was a result of both the growth in Group revenue and improved profit margins.

“I’m pleased to see Hela continuing on its growth trajectory despite the extremely challenging operating environment during the first quarter. These results are a reflection of the Company’s successful customer engagement strategies and the initial implementation of the management’s focused margin-improvement strategy.

This strengthened Hela’s ability to absorb the continuation of significant external cost pressures and global supply chain disruptions during the quarter.” said A.R. Rasiah, Chairman of Hela Apparel Holdings.

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