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Teejay knits Q1 revenue doubles to Rs. 23.9 bn

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Business
Chairman, Gunewardene and CEO, Pubudu De Silva

Teejay Lanka PLC has made a positive start to 2022-23 posting Group revenue of Rs 23.9 billion for the three months ending June 30, 2022.

The Group achieved nearly half its full-year revenue of 2021-22 in just the first quarter of the new financial year as a result of the low base of the previous financial year due to the impacts of COVID, the depreciation of the Rupee and the passing on of yarn price increases during the last quarter. In a filing with the Colombo Stock Exchange (CSE), Sri Lanka’s largest textile manufacturer said it had also recorded significant growth in pre-tax and net profit at both Group and Company level in the quarter reviewed.

According to interim financial statements, Group profit before tax for the three months grew by more than Rs 1 billion or 291% to Rs 1.5 billion, while Group net profit for the period was up 301% to Rs 1.2billion. At Company level, revenue improved by 108% in the quarter under review to Rs 12.9 billion, while profit before tax grew by 323% to Rs 1.5 billion, and net profit increased by 311% to Rs 1.3billion. Teejay Lanka PLC has notified the CSE that its Board of Directors has proposed the payment of a final dividend of Rs 1.50 per share to the Company’s shareholders for the year ended March 31, 2022.

Teejay Lanka Chairman Ajit Gunewardene said: “Our performance in the first quarter is extremely encouraging for all stakeholders, especially in the context of the continuing local and global challenges.” “The Group completed a US$ 26 million expansion project at Teejay India, adding 20 tons a day to capacity. At the same time, India is viewed as an important strategic location positioning Teejay to gain from the anticipated growth in the apparel industries of countries like Bangladesh and Indonesia.”

Teejay Lanka CEO Pubudu De Silva added: “With the global increase in yarn prices coinciding with the depreciation of the Rupee, Teejay had an opportunity to strategically capitalise on its status as a preferred supplier to several international markets to increase sales income. We also embarked on several strategic initiatives to expedite progress.

 

 

Friday, August 12, 2022 – 01:00











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