Ceylon FT: Orient Garments PLC extended losses to Rs 330.3 million for the year ended 31 March 2014, up 1,170% from a Rs 26 million loss a year ago, unaudited interim financial results filed with the stock exchange showed.
Also during the year, 85.18% of voting shares of Orient Garments PLC was acquired by Adam Investments Ltd and Dr. Senthiverl. The management was taken-over from PCH Holdings by Adam Investments on 8 January 2014.
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Revenue fell 33.33% to Rs 2.6 billion, down from Rs 3.9 billion a year ago.
Net finance costs rose to Rs 82.5 million during the year, up 13.95% from Rs 72.4 million a year ago. During the year, the company disposed its entire 43.75% stake in Priority Garments for Rs 10 million.
Also during the year, 85.18% of voting shares of Orient Garments PLC was acquired by Adam Investments Ltd and Dr. Senthiverl. The management was taken-over from PCH Holdings by Adam Investments on 8 January 2014.
www.ceylontoday.lk
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