Textured Jersey Sri Lanka net up 68-pct

Oct 31, 2013 (LBO) – Profits at Sri Lanka’s Textured Jersey Lanka Plc, a fabric maker, rose to 263 million rupees in the September 2013 quarter up 68 percent from a year earlier, on strong European demand and better margins, the firm said. The cash positive firm showed a 19 million rupee net interest income. It had 2.0 billion rupees in cash reserves.

“During the quarter under review, TJL continued to record higher sales volumes as compared to the previous year,” Chairman Bill Lam told shareholders in a quarterly review.

“The European business has shown significant growth during the past year lead by Intimissimi, Decathlon and DBA brands, which was mainly driven through product and service innovation.

“This is clearly evident by the company’s healthy order book to date.”

He said the order book for the next six months was strong.

Textured Jersey reported earnings of 40 cents per share for the quarter in accounts filed with the Colombo Stock Exchange. In the six months to September it reported earnings of 77 cents per share on profits of 503 million rupees, up 53 percent.

Revenues in the September quarter rose 33 percent to 3.2 billion rupees, cost of sales rose at a slower 29 percent to 2.8 billion rupees al