Teejay Lanka PLC, Sri Lanka’s only multinational textile manufacturer, has reported Group net profit of Rs 453.7 million and net profit of Rs 376.5 million at company level for the three months ending June 30, 2019, achieving impressive growth of 62 per cent and 50 per cent respectively in its seventh consecutive quarter of improved sales and profits.
Teejay Lanka PLC, Sri Lanka's only multinational textile manufacturer, has reported Group net profit of Rs 453.7 million and net profit of Rs 376.5 million at company level for the three months ending June 30, 2019, achieving impressive growth of 62 per cent and 50 per cent respectively in its seventh consecutive quarter of improved sales and profits.#
The excellent top and bottom line growth at Group and company level has come about due to efficient capacity utilisation, an improved product mix and effective curbing of non-strategic costs, Teejay Lanka said in a press release.
Teejay Lanka PLC, Sri Lanka's only multinational textile manufacturer, has reported Group net profit of Rs 453.7 million and net profit of Rs 376.5 million at company level for the three months ending June 30, 2019, achieving impressive growth of 62 per cent and 50 per cent respectively in its seventh consecutive quarter of improved sales and profits.#
Group profit before tax grew by 61 per cent to Rs 581.6 million and the Group paid Rs 128 million in income tax in respect of the quarter reviewed, an increase of 57 per cent over the corresponding three months of the previous year.
Teejay Lanka PLC, Sri Lanka's only multinational textile manufacturer, has reported Group net profit of Rs 453.7 million and net profit of Rs 376.5 million at company level for the three months ending June 30, 2019, achieving impressive growth of 62 per cent and 50 per cent respectively in its seventh consecutive quarter of improved sales and profits.#
Group revenue increased by Rs 1.306 billion or 19 per cent to Rs 8.125 billion for April-June 2019, with the benefits of economies of scale from expanded capacity continuing to kick in. The growth of cost of sales and administrative expenses were restricted to 17 per cent and 12 per cent respectively, enabling Teejay to record a gross profit improvement of 35 per cent and operating profit growth of 58 per cent.
Teejay Lanka PLC, Sri Lanka's only multinational textile manufacturer, has reported Group net profit of Rs 453.7 million and net profit of Rs 376.5 million at company level for the three months ending June 30, 2019, achieving impressive growth of 62 per cent and 50 per cent respectively in its seventh consecutive quarter of improved sales and profits.#
“These results are particularly noteworthy in the context of rising raw material prices and increases in the costs of other inputs,” Teejay Lanka chairman Bill Lam commented. “The cost of utilities and dyes and chemicals continues to increase, stemming from world market prices. Cotton stabilised during the quarter, but the demand for the commodity is on the rise and may impact us adversely in the future.”
Teejay Lanka PLC, Sri Lanka's only multinational textile manufacturer, has reported Group net profit of Rs 453.7 million and net profit of Rs 376.5 million at company level for the three months ending June 30, 2019, achieving impressive growth of 62 per cent and 50 per cent respectively in its seventh consecutive quarter of improved sales and profits.#
Despite these challenges, the Group’s internal measures and the depreciation of the Sri Lankan and Indian rupee helped curtail expenses, enabling gross and net profit margins to improve to 11.9 per cent and 5.6 per cent respectively.
Teejay Lanka PLC, Sri Lanka's only multinational textile manufacturer, has reported Group net profit of Rs 453.7 million and net profit of Rs 376.5 million at company level for the three months ending June 30, 2019, achieving impressive growth of 62 per cent and 50 per cent respectively in its seventh consecutive quarter of improved sales and profits.#
At company level, Teejay recorded revenue of Rs 4.37 billion for the three months, an improvement of 7 per cent, while profit before tax grew by 56 per cent to Rs 446 million.
Teejay Lanka PLC, Sri Lanka's only multinational textile manufacturer, has reported Group net profit of Rs 453.7 million and net profit of Rs 376.5 million at company level for the three months ending June 30, 2019, achieving impressive growth of 62 per cent and 50 per cent respectively in its seventh consecutive quarter of improved sales and profits.#
“Teejay continues its focus on modernisation of its plants by investing in state-of-the-art machinery, which will give higher yields and reduce the impact on the environment by consuming less water and power, upholding our commitment to create sustainable value for all our stakeholders,” Lam added. “We have seen an upsurge of orders from our strategic customers and vendor partners and this momentum of growth is expected to continue.” (RKS)
Teejay Lanka PLC, Sri Lanka's only multinational textile manufacturer, has reported Group net profit of Rs 453.7 million and net profit of Rs 376.5 million at company level for the three months ending June 30, 2019, achieving impressive growth of 62 per cent and 50 per cent respectively in its seventh consecutive quarter of improved sales and profits.#
ALCHEMPro News Desk – India
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