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Teejay's 6-month net profit surges 75% to Rs 1.24 bn

31
Oct '19
Teejay Lanka chairman Bill Lam (left) and CEO Shrihan Perera. Pic: Teejay Lanka
Teejay Lanka chairman Bill Lam (left) and CEO Shrihan Perera. Pic: Teejay Lanka
Sri Lanka's top textile manufacturer Teejay Lanka PLC has witnessed impressive top and bottom line growth in the first half of 2019-20, riding on robust second quarter growth. The company reported net profit of Rs 1.237 billion ($6.85 million) for the six months ending September 30, a growth of 75 per cent over the corresponding period of the previous year.
 
Investments in expansion and internal measures are continuing to generate anticipated improvements to net profit margins and other key performance indicators, Teejay Lanka said in a media release.
 
Teejay Lanka reported revenue of Rs 17.442 billion for the six months and Rs 9.317 billion for the second quarter, reflecting robust growth of 20 per cent and 22 per cent respectively. July-September 2019 turned out to be the eighth consecutive quarter of revenue and profit growth for the company.
 
Profit before tax at Rs 1.518 billion for the six months was up a notable 73 per cent, and increased by 82 per cent to Rs 935.99 million for the three months ending September 30, Teejay Lanka disclosed in a filing with the Colombo Stock Exchange (CSE). Net profit for the second quarter grew by 84 per cent to Rs 783.15 million.
 
“An improved product mix, internal efficiencies resulting from operational excellence initiatives and stabilisation of cotton prices can be attributed to the improvement of gross profit in the review period,” said Teejay Lanka chairman Wing Tak Bill Lam.
 
Teejay Lanka CEO Shrihan Perera said the Company maintained administration and distribution to a cost-constant framework and that the depreciation of the Sri Lankan rupee also contributed to keeping the rate of growth of expenses below the rate of sales growth.
 
“One of the highlights of the period under review was Teejay’s venture in to a new and exciting Lace fabric business by signing a memorandum of understanding with Luen Fung Textiles. This collaboration will significantly enhance our product portfolio, and enable us to offer a versatile product range to our customers,” Perera said.
 

Fibre2Fashion News Desk (RKS)


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November 2019

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