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Teejay records positive Q3

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Teejay Lanka PLC has maintained its positive trajectory in the third quarter of 2023-24, recording noteworthy pre and post-tax profit growth for the three months ending December 31, 2023 and reversing the losses of the corresponding quarter of the previous year.

Sri Lanka’s first multinational textile manufacturer has reported profit before tax of Rs 677.7 million for the third quarter of the financial year, as against a pre-tax loss of Rs 24.4 million for the third quarter of 2022-23, recording growth of 2870%.

The Group posted a net profit of Rs 477.4 million for the three months, a gain of Rs. 843.3 million or 230% over the net loss of Rs 366 million reported for the corresponding three months of the preceding year.

The Group’s revenue for the quarter reviewed, at Rs 15.9 billion, was down 12% over the Rs 18.1 billion recorded in the corresponding quarter of the last financial year.

Nevertheless, the Group’s top line improved by 2.2% over the figure for the second quarter of 2023-24, the Company said.

For the nine months ending December 31, 2023, Teejay Lanka reported revenue of Rs 45.44 billion, profit before tax of Rs 1.2 billion, and net profit of Rs 567 million, reflecting declines of 32%, 56% and 71% respectively over the first nine months of 2022-23.

Teejay Lanka Chairman Ajit Gunewardene said the consistent challenges presented by on-going industry uncertainties have prompted the Group to respond proactively by entering a recovery phase. This involves implementing strategies such as identifying new customer bases, introducing novel product segments, investing in advanced infrastructure, and enhancing skills to adapt to evolving industry dynamics.

Teejay Lanka CEO Pubudu De Silva disclosed that positive outcomes were achieved due to a timely execution of strategic initiatives during the period under review, including stringent inventory management initiatives and effective cost reduction strategies.

“The Group’s advantage due to its multinational footing offers it the flexibility to capitalise on its location advantages to optimise capacity utilisation and operational efficiency. Additionally, the sustained stability in yarn prices has positively contributed to the growth of the Group’s top-line and profitability,” he said.

The Teejay Group owns manufacturing facilities in Sri Lanka and India, along with a state-of-the-art printing facility in Sri Lanka.

The post Teejay records positive Q3 appeared first on DailyNews.

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