Feb 03, 2016 (LBO) – Profits at Textured Jersey Lanka, a fabric maker, rose to 672 million rupees in the December 2015 quarter up 79 percent from a year earlier, the firm said.
Textured Jersey reported earnings of 1.02 rupees per share for the quarter in accounts filed with the Colombo Stock Exchange.
In the nine months to December it reported earnings of 2.04 rupees per share on profits of 1.3 billion rupees, up 64 percent.
Revenues in the December quarter rose 48 percent to 5.6 billion rupees, cost of sales rose at a slower 40 percent to 4.6 billion rupees.
The firm’s gross profits rose 103 percent to 976.7 million rupees. Finance costs rose to 12.0 million rupees from 940,000 rupees.
“The Group gross margin growth is driven by the sustained growth of the acquired entities that were successfully turned around in H1, innovations and increased value additions and execution excellence across the entire Group structure,” the Group said.
“It has further optimized its working capital and remained unleveraged with a net cash surplus of Rs. 2.1Bn.”
Textured Jersey Lanka as a standalone company has recorded a net profit of 402.0 million rupees, which was a 7 percent growth delivered on a top line of 3.9 billion rupees.
“The bottom-line growth is driven primarily from improved operating efficiencies, which is reflected in the gross profit growth of 23 percent.” the company further said.