Hela Apparel Holdings PLC has reported a remarkable financial turnaround for the second quarter ending 30 September 2024, marking the return to operating profit for the first time in eight quarters. The company attributes this strong performance to the recovery in demand from key export markets and the successful outcomes of its ongoing restructuring efforts.
According to the Institute of Policy Studies (IPS), Sri Lanka’s export economy remains heavily reliant on apparel, with goods and services exports accounting for approximately 20.4% of GDP in 2023. Of this, manufacturing exports contributed 14%, and a staggering 77% of export income is derived from industrial goods, primarily apparel. In contrast, agricultural exports account
Hela Apparel Holdings Plc, a leading apparel manufacturer in Sri Lanka, has successfully raised Rs 1.5 billion through a rights issue, according to a stock exchange filing. The company issued 319,514,110 ordinary voting shares, raising Rs 1,597,570,550 in total. The company previously announced in June that the funds from the rights issue would be allocated
The ongoing crisis in Sri Lanka’s business visa issuance is jeopardizing the nation’s economic recovery, as foreign buyers, suppliers, and technical experts struggle to obtain the necessary visas to enter the country, according to a statement from the Joint Apparel Association Forum (JAAF). The Department of Immigration has failed to re-activate the online visa system
The Joint Apparel Association Forum (JAAF) has called on the Sri Lankan government to urgently address the challenges surrounding the issuance of short-term business visas, which have been suspended since August 2, 2024. JAAF highlighted that foreign business visitors—including buyers, machinery suppliers, and technical service providers—are encountering significant obstacles when attempting to enter Sri Lanka
The Export Development Board (EDB) has formed a strategic partnership with Switzerland’s State Secretariat for Economic Affairs (SECO) to implement the second phase of the Global Program on Textile and Clothing (GTEX2), aimed at enhancing Sri Lanka’s apparel sector. This five-year program, running from 2024 to 2027, is funded by the Swiss Government and organized