Sri Lanka’s Textured Jersey Lanka profits up 26-pct


Aug 07, 2015 (LBO) – Textured Jersey Lanka, a Hong Kong-Sri Lanka joint venture textile firm said group profits rose 26 percent to 206 million rupees in the June 2015 period from a year earlier, interim report showed.

Revenue rose 3 percent to 2,761million rupees in the same quarter from 2,678 million rupees a year earlier.

The group’s cost of sales fell 1 percent to 2,438 million rupees and gross profits rose 48 percent to 323 million rupees.

Textured Jersey Lanka acquired two firms, Ocean India (Private) Limited (OCI) and Quenby Lanka Prints (Private) Limited (QLP) and TJL was able to consolidate Quenby as a wholly owned subsidiary of TJL with effect from 1st June 2015.

For the period ended 30th June 2015, on a standalone basis TJL recorded a net profit of 189 million rupees up 15 percent year on year.

Standalone TJL gross profit margin for June quarter was at 11 percent compared to 8 percent during the same period last year.

“This reflects the impact of the previously expanded manufacturing capacity now translating to bottom line margins,” Bill Lam, chairman of Textured Jersey Lanka told shareholders.

The firm reported earnings of 31 cents per share.