The first quarter of FY 2025/26 marked continued progress in Hela Apparel Holdings PLC's ("Hela" or "the Group") transformational journey. Building on the decisive actions taken in the f1naI quarter of the previous year to reposition the organisation for long-term sustainability and competitiveness, the Group delivered an improved financial performance as these measures began to take effect.
Group revenue for the quarter stood at Rs. 15.4 Bn, a 21.3% decline compared to the same period of the previous year. This reduction was primarily due to the strategic restructuring of the Private Label Nanufacturing Oivision (PLND), with its revenue decreasing by 29.5°4 year-on-year to Rs. 10.4 Bn in the first quarter. In contrast, the Brand Licensing Division (BLD) recorded a 4.296 year-on-year revenue increase, underscoring the strength of the Group's diversified business model.
Profitability metrics improved during the quarter as the positive effects of the restructuring measures in the PLMD became evident. Although the Group's gross profit declined on a year-on-year basis, this was largely the result of the decrease in revenue, and was more than offset by significant reductions in distribution and administrative costs of 38.0°4 and 22.4%, respectively. Other gains of Rs. 695 Mn provided a further fillip to profitability, and were primarily related to the PLND's divestment of a warehouse property and two of its six manufacturing facilities in Sri Lanka, with the transaction being completed in june 2025.
As a result, the Group's operating loss narrowed to Rs. 0.7 Bn from Rs. 1.6 Bn a year earlier, with operating margins improving by 370 basis points year-on-year. After accounting for finance costs and income tax expenses, the Group recorded a reduced post-tax loss of Rs. 1.7 Bn in the first quarter, compared to a net loss of Rs. 2.5 Bn in the previous year.
The PLND was the primary driver of this improvement in financial performance, recording an operating profit of Rs. 290 Nn in the first quarter. This is its first operating profit in three quarters and reflects the positive impact of the restructuring initiatives undertaken. While the BLD recorded an operating loss of Rs. 955 Nn during the quarter, this was primarily due to seasonal factors as the first quarter is historically its weakest reporting period since it falls between key fashion seasons.
The improvement in the Group's profitability was complemented by a turnaround in operating cash flows, which returned to a positive of Rs. 210 Nn in the first quarter, supported by tighter working capital management and cost rationalisation. Further cash I1ow was also generated through the divestments completed during the quarter and enabled the Group to reduce interest-bearing borrowings by Rs. 1.2 Bn.
The structural changes initiated in FY 2024/25 are aimed at creating a more globally diversified and partner-enabled operating model, and the first quarter of FY 2025/26 provides early validation of this strategic direction. While the global operating environment remains highly challenging, the structural groundwork laid over the past two quarters has positioned Hela for long-term recovery. As such, our financial performance is expected to benefit further from the structural changes implemented across the PLMD, as well as continued momentum within the BLD. The Group's new operating model centred around strategic manufacturing partnerships provides a leaner and more responsive cost base and improves our ability to generate consistent returns, even in a volatile demand environment.
Nonetheless, we remain focused on the implementation of our restructuring plan and the deepening of key customer relationships to build on the early green shoots of recovery that are now visible. On behalf of the leadership team, I extend my sincere thanks to our partners, shareholders, and employees for their continued support during this transformational period.
Dilanka jinaidasa
Group CEO
Visit our website at https://www.heIaclothinq.com
HELA APPAREL HOLDINGS PLC AND ITS SUBSIDIARIES
Condensed Statement of Profit or Loss
(All amounts are in Sri Lankan Rupees Thousands)
Group Company
Quarter ended 30 June Quarter ended 30 June
2025 (Unaudited) | 2024 (Unaudited) | 2025 (Unaudited) | 2024 (Unaudited) | |
Revenue from contracts with customers | 15,384,838 | 19,556,519 | - | - |
Cost of sales | (13,768,562) | (17,191,442) | - | - |
Gross profit | 1,616,276 | 2,365,077 | - | - |
Distribution costs | (539,241) | (869,248) | - | - |
Administrative costs | (2,568,923) | (3,310,365) | (15,047) | (13,562) |
Other income | 131,104 | 240,284 | - | - |
Other gains / (losses) - net | 695,488 | 2,465 | 303 | 181 |
Operating loss | (665,296) | (1,571,787) | (14,744) | (13,381) |
Finance income | 24,631 | 25,503 | 13 | 16 |
Finance costs | (944,939) | (1,021,053) | - | (152) |
Finance (costs) / income - net | (920,308) | (995,550) | 13 | (136) |
Share of loss of equity accounted investee, net of tax | - | (44,212) | - | - |
Loss before income tax | (1,585,604) | (2,611,549) | (14,731) | (13,517) |
Income tax reversal / (expense) | (151,054) | 155,379 | - | - |
Loss for the period | (1,736,658) | (2,456,170) | (14,731) | (13,517) |
Loss attributable to: | ||||
Owners of the Company | (1,733,421) | (2,448,920) | (14,731) | (13,517) |
Non-controlling interests | (3,237) | (7,250) | - | - |
Loss for the period | (1,736,658) | (2,456,170) | (14,731) | (13,517) |
Loss per share for loss attributable to the equity holders of the Company | LKR | LKR | LKR | LKR |
Basic / diluted loss per share | (1.06) | (1.86) | (0.01) | (0.01) |
HELA APPAREL HOLDINGS PLC AND ITS SUBSIDIARIES
Condensed Statement of Comprehensive Income (All amounts are in Sri Lankan Rupees Thousands)
Group Company
Quarter ended 30 June Quarter ended 30 June
2025 (Unaudited) | 2024 (Unaudited) | 2025 (Unaudited) | 2024 (Unaudited) |
Loss for the period (1,736,658) | (2,456,170) | (14,731) | (13,517) |
Other comprehensive income: | |||
Items that will be reclassified to profit or loss Currency translation differences 807,864 | 20,262 | 93,804 | 93,914 |
Other comprehensive income / (loss) for the period, net of tax 807,864 | 20,262 | 93,804 | 93,914 |
Total comprehensive (loss) / profit for (928,794) | (2,435,908) | 79,073 | 80,397 |
the period
Group | Company | ||||||
30.06.2025 | 31.03.2025 | 30.06.2024 | 30.06.2025 | 31.03.2025 | 30.06.2024 | ||
Note | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
ASSETS | |||||||
Non-current assets | |||||||
Property, plant and equipment | 4,295,855 | 4,366,536 | 6,693,077 | - | - | - | |
Investment property | 605,305 | 598,000 | 1,265,112 | - | - | - | |
Right-of-use assets | 2,945,378 | 3,105,541 | 3,738,201 | - | - | - | |
Intangible assets | 9,649,049 | 9,596,618 | 13,269,414 | 21,560 | 22,226 | 25,794 | |
Investment in subsidiaries Investments accounted for using the equity method | - - | - - | - 184,924 | 7,933,016 - | 7,837,275 - | 6,436,915 - | |
Deferred tax assets | 3,270,756 | 3,272,863 | 3,279,359 | - | - | - | |
Other financial assets at amortized cost | 180 | 178 | 547,908 | - | - | - | |
Total non-current assets | 20,766,523 | 20,939,736 | 28,977,995 | 7,954,576 | 7,859,501 | 6,462,709 | |
Current assets | |||||||
Inventories | 8,653,128 | 7,204,459 | 7,559,051 | - | - | - | |
Trade and other receivables | 10,156,553 | 14,085,099 | 16,148,961 | 149 | 147 | 14,877 | |
Other assets | 4,482,109 | 3,543,431 | 3,296,237 | 6,820 | 11,575 | 5,488 | |
Income tax receivables | - | 291,973 | 287,047 | - | 55 | 74 | |
Assets directly associate with assets held for | |||||||
sale and discontinued operations | - | 2,202,673 | 0 | - | - | - | |
Other financial assets at amortized cost | 255,567 | 249,670 | 256,989 | - | - | - | |
Cash and cash equivalents | 5,621,210 | 4,442,123 | 7,615,611 | 3,480 | 3,533 | 3,854 | |
Total current assets | 29,168,567 | 32,019,428 | 35,163,896 | 10,449 | 15,310 | 24,293 | |
Total assets | 49,935,090 | 52,959,164 | 64,141,891 | 7,965,025 | 7,874,811 | 6,487,002 | |
EQUITY | |||||||
Stated capital | 7,377,504 | 7,377,504 | 5,779,923 | 7,377,504 | 7,377,504 | 5,779,923 | |
Accumulated losses | (18,442,029) | (17,067,101) | (4,267,546) | (2,388,517) | (2,373,786) | (2,332,926) | |
Other reserves | 643,557 | 1,233,869 | 1,342,806 | 93,841 | 93,841 | 94,596 | |
Exchange equalization reserve | 5,731,503 | 4,923,639 | 4,934,325 | 2,680,943 | 2,587,139 | 2,809,883 | |
Capital and reserves attributable to | |||||||
owners of the Company | (4,689,465) | (3,532,089) | 7,789,508 | 7,763,771 | 7,684,698 | 6,351,476 | |
Non-controlling interests | (294,857) | (291,620) | 48,846 | - | - | - | |
Total equity | (4,984,322) | (3,823,709) | 7,838,354 | 7,763,771 | 7,684,698 | 6,351,476 | |
LIABILITIES | |||||||
Non-current liabilities | |||||||
Borrowings | 3,466,843 | 2,992,346 | 5,121,660 | - | - | - | |
Deferred tax liabilities | 1,126,945 | 1,124,194 | 1,495,722 | - | - | - | |
Lease liabilities | 2,190,883 | 2,079,251 | 3,071,287 | - | - | - | |
Employee benefit obligations | 814,083 | 816,003 | 809,371 | - | - | - | |
Total non-current liabilities | 7,598,754 | 7,011,794 | 10,498,040 | - | - | - | |
Current liabilities | |||||||
Trade and other payables | 19,052,303 | 19,845,892 | 17,182,658 | 201,254 | 190,113 | 135,526 | |
Lease liabilities | 1,054,468 | 1,233,595 | 885,913 | - | - | - | |
Income tax liabilities | 119,051 | 26,768 | 133,724 | - | - | - | |
Liabilities directly associated with the held for | |||||||
sale and discontinued operations | - | 271,628 | - | - | - | ||
Borrowings | 27,094,836 | 28,393,196 | 27,603,202 | - | - | - | |
Total current liabilities | 47,320,658 | 49,771,079 | 45,805,497 | 201,254 | 190,113 | 135,526 | |
Total liabilities | 54,919,412 | 56,782,873 | 56,303,537 | 201,254 | 190,113 | 135,526 | |
Total equity and liabilities | 49,935,090 | 52,959,164 | 64,141,891 | 7,965,025 | 7,874,811 | 6,487,002 | |
LKR | LKR | LKR | LKR | LKR | LKR | ||
Net assets per share | (2.87) | (2.16) | 5.91 | 4.74 | 4.70 | 4.82 | |
I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act, No. 07 of 2007. Sgd.
Director - Group Finance Date: 14th August 2025
Ms Navodya Premaratne
The Board of Directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of the Board of Directors.
Sgd. Sgd.
Director Mr. A R Rasiah
Director Mr. P L D Jinadasa
Date: 14th August 2025 Date: 14th August 2025
Group Company
Period ended 30 June Period ended 30 June
2025 | 2024 | 2025 | 2024 | |
Loss before income tax | (1,585,604) | (2,611,549) | (14,731) | (13,517) |
Adjustments for: Depreciation and amortization | 566,353 | 593,988 | 933 | 937 |
Net interest expenses | 990,550 | 995,550 | (13) | 16 |
Retirement benefits obligations provision | 33,807 | 92,074 | - | - |
Gain on disposal of investment property | (78,239) | - | - | - |
Gain on sale of property, plant and equipment | (694,499) | - | - | - |
Provision reversal of impairment of debtors | (707,890) | (43,007) | - | - |
Share of loss from joint Ventures | - | 44,212 | - | - |
Changes in working capital - (Increase) / decrease in inventories | (1,353,864) | 1,026,762 | - | - |
- (Increase) / decrease in trade and other receivables | 5,035,228 | (734,187) | 4,872 | 7,196 |
- Increase / (decrease) in trade and other payables | (1,030,854) | 912,294 | 8,830 | 8,530 |
Cash (used in) / generated from operations | 1,174,988 | 276,137 | (109) | 3,162 |
Retirement benefits obligations paid | (59,750) | (30,847) | - | - |
Income tax paid | - | (25,383) | - | - |
Interest paid | (904,503) | (1,002,968) | - | - |
Net cash (outflow) / inflow from operating activities | 210,735 | (783,061) | (109) | 3,162 |
Cash flows from investing activities Sale proceeds of investment in subsidiaries | 596,939 | - | - | - |
Net movement of property, plant and equipment and intangible assets | 2,277,168 | (29,828) | - | - |
Interest received / (paid) | 24,631 | 25,503 | 13 | (16) |
Net cash (outflow) / inflow from investing activities | 2,898,738 | (4,325) | 13 | (16) |
Cash flows from financing activities | ||||
Principal elements of lease payments | (203,858) | (298,941) | - | - |
Net borrowings | (1,201,242) | 349,369 | - | - |
Net cash inflow / (outflow) from financing activities | (1,405,100) | 50,428 | - | - |
Net increase / (decrease) in cash and cash equivalents | 1,704,373 | (736,958) | (96) | 3,146 |
Cash and cash equivalents at beginning of the period | 4,442,123 | 8,314,419 | 3,533 | 5,058 |
Currency translation differences | (525,286) | 38,150 | 43 | (4,350) |
Cash and cash equivalents at end of the Period | 5,621,210 | 7,615,611 | 3,480 | 3,854 |
Group
Attributable to owners of the Company
Stated capital | Retained earnings | Other reserves | Exchange equalization reserve | Total | Non-controlling interests | Total equity | |
Balance at 1 April 2024 | 5,780,678 | (1,710,444) | 1,233,869 | 4,914,063 | 10,218,166 | 56,096 | 10,274,262 |
Loss for the Period- Continued Operations | - | (15,091,394) | - | - | (15,091,394) | 1,192 | (15,090,202) |
Loss for the Period-Discontinued Operations | - | (358,179) | - | - | (358,179) | (267,832) | (626,011) |
Remeasurement of post employment benefit obligation | - | 12,429 | - | - | 12,429 | - | 12,429 |
Deferred income tax on employee benefit obligation | - | (589) | - | - | (589) | - | (589) |
Total comprehensive income for the year | - | (15,437,733) | - | - | (15,437,733) | (266,640) | (15,704,373) |
Currency translation difference | - | - | - | 9,576 | 9,576 | - | 9,576 |
Total comprehensive income for the year | - | (15,437,733) | - | 9,576 | (15,428,157) | (266,640) | (15,694,797) |
Classification | - | 81,076 | - | - | 81,076 | (81,076) | - |
Issue of rights | 1,596,826 | - | - | - | 1,596,826 | - | 1,596,826 |
Balance at 31 March 2025 | 7,377,504 | (17,067,101) | 1,233,869 | 4,923,639 | (3,532,089) | (291,620) | (3,823,709) |
Balance at 1 April 2025 | 7,377,504 | (17,067,101) | 1,233,869 | 4,923,639 | (3,532,089) | (291,620) | (3,823,709) |
Loss for the Period- Continued Operations | - | (1,733,421) | - | - | (1,733,421) | (3,237) | (1,736,658) |
- | - | - | - | - | - | - | |
Total comprehensive income for the year | - | (1,733,421) | - | - | (1,733,421) | (3,237) | (1,736,658) |
Classification | - | 358,493 | (590,312) | 807,864 | 576,045 | - | 576,045 |
Issue of rights | - | - | - | - | - | - | - |
Balance at 30 June 2026 | 7,377,504 | (18,442,029) | 643,557 | 5,731,503 | (4,689,465) | (294,857) | (4,984,322) |
Company
Stated capital | Othe reserve |
| Exchange equalization | Total | ||
/(accumulated | reserve | |||||
losses) | ||||||
Balance at 1 April 2024 | 5,780,678 | 93,841 | (2,319,409) | 2,715,970 | 6,271,080 | |
Loss for the year | - | - | (54,377) | - | (54,377) | |
Other comprehensive income | - | - | - | (128,831) | (128,831) | |
Total comprehensive income for the year | - | - | (54,377) | (128,831) | (183,208) | |
Issue of rights | 1,596,826 | - | - | - | 1,596,826 | |
Balance at 31 March 2025 | 7,377,504 | 93,841 | (2,373,786) | 2,587,139 | 7,684,698 | |
Balance at 1 April 2025 | 7,377,504 | 93,841 | (2,373,786) | 2,587,139 | 7,684,698 | |
Loss for the year | - | - | (14,731) | - | (14,731) | |
Other comprehensive income | - | - | - | 93,804 | 93,804 | |
Total comprehensive income for the year | - | - | (14,731) | 93,804 | 79,073 | |
Issue of rights | - | - | - | - | - | |
Balance at 30 June 2026 | 7,377,504 | 93,841 | (2,388,517) | 2,680,943 | 7,763,771 | |
(All amounts are shown in Sri Lankan Rupees Thousands unless otherwise stated)
Operating segments
Description of segments and principal activities
The Hela Group's internal organisation and management is structured based on operating segments which are determined by the nature of their principal business activities. The measurement policies the Group uses for segmental reporting under SLFRS 8 are the same as those used in its financial statements.
The Group is currently organized into two reportable segments, the Private Label Manufacturing Division and the Brand Licensing Division. The operations of the Brand Licensing Division are carried out of by the Company's fully owned subsidiary, Hela Brands Limited, and its subsidiaries. The other companies in the Group carry out the activities of the Private Label Manufacturing Division. Each segment is managed by a Chief operating decision maker who acts as segment manager, the performance of each segment is monitored by the Group Chief operating decision maker, and strategic decisions are made on the basis of segment operating results.
Summarized statement of comprehensive income for the quarter ended 30 June 2025
LKR"000"
Private Label Manufacturing Division
Brand Licensing Division
Group
2025
2024
2025
2024
2025
2024
Revenue
10,451,629
14,821,953
4,933,209
4,734,566
15,384,838
19,556,519
Operating profit/ (loss)
289,707
(980,084)
(955,003)
(591,703)
(665,296)
(1,571,787)
Net finance (cost)/income
(911,299)
(973,277)
(9,009)
(22,273)
(920,308)
(995,550)
Profit/ (loss) before taxation
(621,592)
(1,997,573)
(964,012)
(613,976)
(1,585,604)
(2,611,549)
Income tax reversal
(151,054)
155,379
-
-
(151,054)
155,379
Profit/ (loss) for the period
(772,646)
(1,842,194)
(964,012)
(613,976)
(1,736,658)
(2,456,170)
Summarized statement of financial position as at 30 June 2025
LKR"000"
Private Label Manufacturing Division
Brand Licensing Division
Group
2025
2024
2025
2024
2025
2024
ASSETS
Non-current assets
17,409,161
25,648,925
3,357,362
3,329,070
20,766,523
28,977,995
Current assets
15,984,465
23,945,542
13,184,102
11,218,354
29,168,567
35,163,896
Total assets
33,393,626
49,594,467
16,541,464
14,547,424
49,935,090
64,141,891
LIABILITIES
Non-current liabilities
5,800,536
8,686,955
1,798,218
1,811,085
7,598,754
10,498,040
Current liabilities
41,190,215
41,069,164
6,130,443
4,736,333
47,320,658
45,805,497
Total liabilities
46,990,751
49,756,119
7,928,661
6,547,418
54,919,412
56,303,537
General information
Hela Apparel Holdings PLC is engaged in providing consultancy and support services to group companies. The Group is engaged in the manufacture of apparel for export markets and in providing front-end services to foreign customers. The Company is a public limited liability company incorporated on 11 October 2018 and listed on the Colombo Stock Exchange on 7 February 2022. It is domiciled in Sri Lanka and bears the registration number PQ00205151 under the Companies Act No.07 of 2007. The address of the registered office and the principal place of the business is, No 35 Balapokuna Road, Colombo 06, Sri Lanka.
Interim Condensed Financial Statements
The Consolidated Financial Statements for the period ended 30 June 2025, comprise "the company" referring to Hela Apparel Holdings PLC as the Holding Company and "the Group"referring to the Companies whose accounts have been consolidated therein.
Approval of Financial Statements
The Interim Condensed Financial Statements of the Group and the Company for the period ended 30 June 2025 were authorized for issue by the Board of Directors on 14 August 2025.
Basis of preparation
The condensed interim financial statements for the period ended 30 June 2025 of the Company and the Group have been prepared in accordance with Sri Lanka Accounting Standard LKAS 34, 'Interim Financial Reporting'. The condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 March 2024.
Contingent liabilities
Determination of the treatment of contingent liabilities in the financial statements is based on the management's view of the expected outcome of the applicable contingency. The Company consults with legal counsel (lawyers) on matters related to litigation and other experts both within and outside the Company with respect to the matters in the ordinary course of business.
The following are the corporate guarantees provided by the Company and its subsidiaries as of 30 June 2025.
Liability Due by
Guarantee or contingent liability taken on behalf of
Financial Institution
Nature of the liability
Amount (LKR Mn)
Foundation Garments
Hela Investment Holdings
NDB
Corporate Guarantee - USD
299.44
BOC
Corporate Guarantee - USD
1,197.76
Corporate Guarantee - USD
1,796.64
Hela Clothing Egypt
NDB
Corporate Guarantee - USD
299.44
Hela Clothing
HNB
Corporate Guarantee - USD
136.54
DFCC
Corporate Guarantee - USD
1,197.76
NTB
Corporate Guarantee - USD
2,245.79
Foundation Garments and Hela Intimates EPZ
Hela Investment Holdings
Aavishkaar
Corporate Guarantee - USD
1,497.20
Norfund
Corporate Guarantee - USD
4,192.15
Hela Apparel Holdings
Foundation Garments
NDB
Corporate Guarantee - USD
2,941.69
DFCC
Corporate Guarantee - USD
898.32
Hela Clothing
DFCC
Corporate Guarantee - LKR
1,200.00
NDB
Corporate Guarantee - LKR
1,260.00
Commercial Bank
Corporate Guarantee - USD
299.44
HNB
Corporate Guarantee - USD
928.26
Sampath Bank
Corporate Guarantee - USD
598.88
NTB
Corporate Guarantee - LKR
2,500.00
Hela Clothing
Foundation Garments
Sampath Bank
Corporate Guarantee - USD
1,197.76
Commercial Bank
Corporate Guarantee - USD
898.32
DFCC
Corporate Guarantee - USD
898.32
Corporate Guarantee - USD
898.32
Corporate Guarantee - USD
2,096.08
Corporate Guarantee - USD
898.32
BOC
Corporate Guarantee - USD
3,144.11
Corporate Guarantee - USD
68.87
Corporate Guarantee - LKR
25.00
Hela Investment Holdings
BOC
Corporate Guarantee - USD
898.32
Corporate Guarantee - USD
898.32
Corporate Guarantee - USD
299.44
Hela Clothing and Hela Apparel Holdings
Foundation Garments
Peoples Bank
Corporate Guarantee - USD
1,946.36
Corporate Guarantee - LKR
300.00
Comparatives
Comparative figures, where necessary, have been adjusted to conform with the changes in presentation in the current period.
Stated capital
Company
30 June 2025
31 March 2025
30 June 2025
31 March 2025
Number of shares
Number of shares
Value (LKR' 000)
Value (LKR' 000)
Ordinary Voting Shares 1,636,746,787
1,636,746,787
7,377,504
7,377,504
1,636,746,787
1,636,746,787
7,377,504
7,377,504
Stated capital (Contd.)
(i) Movement in ordinary shares:
Number of
shares
Value (LKR' 000)
Opening balance 1 April 2024
1,317,381,560
5,780,678
Issue of rights
319,365,227
1,596,826
Balance 31 March 2025
1,636,746,787
7,377,504
Opening balance 1 April 2025
1,636,746,787
7,377,504
Issue of ordinary shares
-
-
Balance 30 June 2025
1,636,746,787
7,377,504
Net Assets per share
Net assets as at a particular financial period ended divided by the number of shares in issue as at the current period end.
Group Company
30 June 2025
31 March 2025
30 June 2025
31 March 2025
Net assets as of period end (LKR '000)
(4,689,465)
(3,532,089)
7,763,771
7,684,698
Number of shares as of period end
1,636,746,787
1,636,746,787
1,636,746,787
1,636,746,787
Net assets per share (Rs.)
(2.87)
(2.16)
4.74
4.70
Events after reporting period
There have been no events subsequent to the reporting date, which require disclosure in the financial statements.
Presentation currency
Transactions measured in US Dollars are translated to Sri Lankan Rupees based on the Sri Lanka Accounting Standard 21, "The Effects of Changes in Foreign Exchange Rates", as follows:
Assets and Liabilities presented including comparatives are translated at the closing rate existed at the date of each balance sheet presented.
Income and expense items for all periods presented (i.e. including comparatives) are translated at the period average exchange rate applicable for respective periods.
Share capital is translated at the exchange rate existing at the date of transaction.
All resulting exchange differences are recognized in equity under exchange equalization reserves.
Fair values of other financial instruments
The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. The Group has trade receivables, trade payables and borrowings as financial instruments. The fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to the current market rates or the instruments are short-term in nature.
Market Price Per Share
Market Value of Shares
2025 2024
Last trading price on 30 June (LKR) 3.10 5.60
Highest Price During the Quarter Ended 30 June (LKR) 4.00 7.70
Lowest Price During the Quarter Ended 30 June (LKR) 3.00 5.50
Market Capitalization on 30 June (LKR) 5,073,915,040 7,377,336,736
Ratios
Net Asset Per Share of the Group on 30 June (LKR) (2.87) 5.91
No of Transactions During the Quarter Ended 30 June 2025
12,229
7,827
No of Shares Traded During the Quarter Ended 30 June 2025
155,897,207
69,715,356
Value of Shares Traded During the Quarter Ended 30 June 2025 (LKR)
534,356,703
459,411,700
Share Trading
Number of Shares 1,636,746,787 1,317,381,560
Public Holdings as at 30 June 2025
Public Holding as at 30 June
2025
2024
Issued Share Capital (No. of Shares)
1,636,746,787
1,317,381,560
Public Holding as a % of Issued Share Capital
24.01%
21.75%
Total Number of Shareholders
13,970
13,604
Number of Shareholders representing the Public Holding
13,961
13,584
Minimum Public Holding Requirement as per Listing
Rules 7.13.1 (i) (a)
Float Adjusted Market
Capitalization - (LKR)
Public Holding
Percentage
No of
Shareholders
1,217,993,305
24.01%
13,961
Minimum Public Holding as at 30 June 2025
The Company complies with the Minimum Public Holding required of the Main Board as per Option 5 of Section 7.13.1 (i) (a) of the CSE Listing Rules
Shareholder Information
No. of Shares | % | |
1 Lesing Hela Limited | 792,756,301 | 48.43 |
2 Tars Investments Lanka (Pvt) Ltd. | 247,953,894 | 15.15 |
3 Mr. P.L.D. Jinadasa | 142,346,373 | 8.70 |
4 DFCC Bank PLC / Panadura Liyanage Dilanka Jinadasa | 49,382,587 | 3.02 |
5 Mr D.E.H Mcvey | 30,598,973 | 1.87 |
6 Hatton National Bank PLC/Sri Dhaman Rajendram Arudpragasam | 14,600,000 | 0.89 |
7 Mr T.C.U Jayanetti | 13,500,000 | 0.82 |
8 Hatton National Bank PLC/ Dinesh Nagendra Sellamuttu | 7,854,644 | 0.48 |
9 Mr. R.S.P. Amaratunga | 5,407,961 | 0.33 |
10 Mrs D.C.R Boteju | 5,310,000 | 0.32 |
11 Mr. A.R. Rasiah | 5,309,801 | 0.32 |
12 Mr M.A. De Silva | 4,704,239 | 0.29 |
13 Mr. P.S.V. Fernando | 4,403,743 | 0.27 |
14 Mr. D.M. Beruwalage | 4,300,927 | 0.26 |
15 Mr A.M Weerasinghe | 3,758,308 | 0.23 |
16 Mr R Gautam | 3,716,000 | 0.23 |
17 Mr. M.S.M Ali | 3,629,103 | 0.22 |
18 Mrs S Rajeewan | 3,602,000 | 0.22 |
19 Hatton National Bank PLC/ Sonali Senaratna | 3,585,084 | 0.22 |
20 Simonas Trust Service (Pvt) Limited | 3,349,796 | 0.20 |
1,350,069,734 | 82.47 | |
Directors' Shareholding as at 30 June 2025 | 2025 No. of Shares | 2024 No. of Shares |
Directors' Direct Shareholding | ||
Mr. P.L.D. Jinadasa (Group CEO) | 142,346,373 | 148,531,300 |
DFCC Bank PLC / Mr. P.L.D Jinadasa | 49,382,587 | - |
Mr. A.R. Rasiah (Chairman) | 5,309,801 | 4,273,743 |
Ms. T.S. Peries (Resigned w.e.f. 31/3/2025) | - | 57,400 |
197,038,761 | 152,862,443 |
List of 20 Major Shareholders as at 30 June 2025
2025
Group Company Quarter ended 30 June Quarter ended 30 June
2025 (Unaudited) | 2024 (Unaudited) | 2025 (Unaudited) | 2024 (Unaudited) | |
Revenue from contracts with customers | 51,546 | 65,194 | - | - |
Cost of sales | (46,131) | (57,309) | - | - |
Gross profit | 5,415 | 7,885 | - | - |
Distribution costs | (1,807) | (2,898) | - | - |
Administrative costs | (8,607) | (11,035) | (50) | (45) |
Other income | 439 | 801 | - | - |
Other gains / (losses) - net | 2,330 | 8 | 1 | 1 |
Operating loss | (2,230) | (5,239) | (49) | (44) |
Finance income | 83 | 85 | - | - |
Finance costs | (3,166) | (3,404) | - | (1) |
Finance (costs) / income - net | (3,083) | (3,319) | - | (1) |
Share of loss of equity accounted investee, net of tax | - | (147) | - | - |
Loss before income tax | (5,313) | (8,705) | (49) | (45) |
Income tax reversal / (expense) | (506) | 518 | - | - |
Loss for the period | (5,819) | (8,187) | (49) | (45) |
Loss is attributable to: | ||||
Owners of the Company | (5,808) | (8,163) | (49) | (45) |
Non-controlling interests | (11) | (24) | - | - |
Loss for the period | (5,819) | (8,187) | (49) | (45) |
2025 (Unaudited) | 2024 (Unaudited) | 2025 (Unaudited) | 2024 (Unaudited) | |
Loss for the period Other comprehensive income: | (5,819) | (8,187) | (49) | (45) |
Items that will be reclassified to profit or loss | ||||
Exchange differences on translation of foreign operations | 2,105 | (285) | - | - |
Other comprehensive loss for the period, net of tax | 2,105 | (285) | - | - |
Total comprehensive loss for the period | (3,714) | (8,472) | (49) | (45) |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
ASSETS | ||||||
Non-current assets | ||||||
Property, plant and equipment | 14,321 | 14,735 | 21,894 | - | - | - |
Investment property | 2,018 | 2,018 | 4,138 | - | - | - |
Right-of-use assets | 9,819 | 10,479 | 12,228 | - | - | - |
Intangible assets | 32,167 | 32,383 | 43,406 | 72 | 75 | 84 |
Investment in subsidiaries | - | - | - | 26,446 | 26,446 | 21,056 |
Investments accounted for using the equity method | - | - | 605 | - | - | - |
Deferred tax assets | 10,904 | 11,044 | 10,727 | - | - | - |
Other financial assets at amortized cost | 1 | 1 | 1,792 | - | - | - |
Total non-current assets | 69,230 | 70,660 | 94,790 | 26,518 | 26,521 | 21,140 |
Current assets | ||||||
Inventories | 28,847 | 24,311 | 24,726 | - | - | - |
Trade and other receivables | 33,859 | 47,529 | 52,825 | - | - | 49 |
Other assets | 14,942 | 11,957 | 10,782 | 23 | 39 | 18 |
Income tax receivables | - | 985 | 939 | - | - | - |
Assets directly associate with assets held for sale and discontinued operations | - | 7,433 | - | - | - | - |
Other financial assets at amortized cost | 852 | 842 | 841 | - | - | - |
Cash and cash equivalents | 18,739 | 14,990 | 24,912 | 12 | 12 | 13 |
Total current assets | 97,239 | 108,047 | 115,025 | 35 | 51 | 80 |
Total assets | 166,469 | 178,707 | 209,815 | 26,553 | 26,572 | 21,220 |
EQUITY | ||||||
Stated capital | 35,035 | 35,035 | 29,742 | 35,035 | 35,035 | 29,742 |
Retained earnings / (accumulated losses) | (56,288) | (51,682) | (8,640) | (9,684) | (9,635) | (9,498) |
Other reserves | 1,960 | 3,937 | 4,276 | 532 | 532 | 532 |
Exchange equalization reserve | 3,201 | 320 | (368) | - | - | - |
Capital and reserves attributable to owners of the | ||||||
Company | (16,092) | (12,390) | 25,010 | 25,883 | 25,932 | 20,776 |
Non-controlling interests | (523) | (512) | 630 | - | - | - |
Total equity | (16,615) | (12,902) | 25,640 | 25,883 | 25,932 | 20,776 |
LIABILITIES | ||||||
Non-current liabilities | ||||||
Borrowings | 11,557 | 10,097 | 16,754 | - | - | - |
Deferred tax liabilities | 3,757 | 3,794 | 4,893 | - | - | - |
Lease liabilities | 7,304 | 7,016 | 10,047 | - | - | - |
Employee benefit obligations | 2,714 | 2,754 | 2,648 | - | - | - |
Total non-current liabilities | 25,332 | 23,661 | 34,342 | - | - | - |
Current liabilities | ||||||
Trade and other payables | 63,514 | 66,967 | 56,205 | 670 | 640 | 444 |
Lease liabilities | 3,515 | 4,163 | 2,898 | - | - | - |
Income tax liabilities | 397 | 90 | 437 | - | - | - |
Liabilities directly associated with the held for sale and discontinued operations | - | 917 | ||||
Borrowings | 90,326 | 95,811 | 90,293 | - | - | - |
Total current liabilities | 157,752 | 167,948 | 149,833 | 670 | 640 | 444 |
Total liabilities | 183,084 | 191,609 | 184,175 | 670 | 640 | 444 |
Total equity and liabilities | 166,469 | 178,707 | 209,815 | 26,553 | 26,572 | 21,220 |
Hela Apparel Holdings PLC
LECAL FORM
Public Limited Liability Company
Incorporated under the Companies Act No.7 of 2007
DATE OF INCORPORATION
11 October 2018
COMPANY REGISTRATION NUMBER
PQ00205l5l
ACCOUNTING YEAR END
31 March
PRINCIPAL ACTIVITY OF THE
COMPANYProviding consultancy and support services to
group companies.
REGISTERED OFFICE
No. 35, Ba lapokuna Road, Colombo 06, Sri Lanka.
WEBSITE
https://www.heIacIothing.com
DIRECTORS
A R Rasiah A J Alderton
P L D Jinadasa
G P Gunawardana
A Cockerham C M Horn
A De Silva Muthumuni
COMPANY SECRETARY
Ms. Shenali De Silva
No. 35, Balapokuna Road, Colombo 06.
AUDITORS
Deloitte Partners
No. 100, Braybrooke Place, Colombo 02, Sri Lanka.
COMPANY REGISTRARS
JSP Corporate Services (Pvt) Ltd
No. 101, Inner Flower Road, Colombo 03, Sri Lanka.
Manufacture of apparel for export markets and provision of front-end services to foreign customers
DIRECT SUBSIDIARY
Hela Clothing (Private) Limited Hela Brands Limited
INDIRECT SUBSIDIARIES
Foundation Garments (Private) Limited F D N Sourcing (Private) Limited
AIpha Textiles (Private) Limited Hela Investment Holdings Limited
Hela lndochine Apparel Private Limited Hela Intimates EPZ Limited
Hela USA, Inc.
Hela Clothing Egypt SAE Focus Brands Limited
Focus Group Holdings Limited Focus Italy S.r.I
Hela Brands Limited Focus International NL BV Focus International GMBH
Focus Sports & Leisure International Limited Focus Equipment Limited
JOINT VENTURES
Sumbiri Intimate Apparel Private Limited Safeguard Workwear EPZ Limited
BANKERS
Absa Bank Kenya PLC Bank of Ceylon
Commercial Bank of Ceylon PLC Commercial Bank of Ethiopia DFCC Bank PLC
Equity Bank Kenya Limited Hatton National Bank PLC National Bank of Egypt
National Development Bank PLC Nations Trust Bank PLC
People's Bank Sampath Bank PLC
Standard Chartered Bank PLC Qatar National Bank
Afrasia Bank Limited Barclays PLC
These interim condensed financial statements contain certain forward-looking statements, which are provided for the purpose of presenting information about the management's current expectations and plans. Forward-looking statements are predictive in nature, depend upon or refer to future events or conditions, and may include words such as "expect", "anticipate", "intend", "may", "plan to", "believe", "could" and similar terms or variations of such terms. However, these words are not the exclusive means of identifying forward looking statements. As such, all statements pertaining to the expected financial position, business strategy, plans and prospects of the Hela Group are classified as forward-looking statements.
Such forward looking statements are based upon the management's current reasonable expectations and assumptions, and are subject to known and unknown risks, uncertainties and other factors
including, but not limited to, regulatory changes in the sectors in which the Group operates and its ability to respond to them, the
Group's ability to successfully adapt to technological changes, exposure to market risks, exchange rate volatility,
general economic and fiscal policies in the countries that the Group operates in, inflationary pressures, the performance of financial markets both globally and locally, changes in domestic and foreign laws, regulation of taxes and changes in competition in the industry and further uncertainties that may or may not be in the control of the Group. Other specific risks are noted in Section
3.6.1. of the Prospectus for the Initial Public Offering of the Company.
Such factors may cause actual results,
performance and achievements to materially differ from any future
results, performance or achievements expressed or implied by forward looking statements herein. Given
the risks and uncertainties that may cause the Group's actual future results, performance or achievements to materially differ from that expected, expressed or implied by forward looking statements in these financial statements, investors are advised not to place sole reliance
on such statements. The Company also undertakes no obligations to update forward looking statements if circumstances or management assessments changes as a result of such factors, except as required by applicable laws and regulations.
35 Balapokuna Road, Colombo 6, Sri Lanka
https://www.helaclothing.com