Teejay knits resilient start to 2024-25 with profit turnaround in Q1
View(s):Strategic responses to challenges facing the textile manufacturing industry have generated a positive start to 2024-25 for Teejay Lanka PLC, Sri Lanka’s first multinational textile manufacturer.
The group has reported profit before tax of Rs.273.7 million for the three months ending 30th June 2024, reversing a loss of Rs.701 million in the first quarter of the preceding year, it said in a media release.
Revenue for the three months, at Rs.15.4 billion, reflected an improvement of 10 per cent over the corresponding quarter of the previous year, but gross profit grew by 357 per cent to Rs.1.3 billion, Teejay Lanka said.
Consequently, the group posted an operating profit of Rs.382 million from an operating loss of Rs.582 million in the first quarter of 2023-24, and reported net profit of Rs.158.3 million for the quarter under review, in contrast to a net loss of Rs.853 million in the corresponding period of the previous year.
Teejay Lanka PLC also reported a strong balance sheet, ending the first quarter with cash and cash equivalents of Rs.8.9 billion.
Teejay Lanka Chairman Ajit Gunewardene said the group had stepped up its efforts with a focused ESG framework, and embraced digitalisation as a way of life, seeing transformation as the way forward.
Teejay Lanka CEO Pubudu De Silva said the group is witnessing a positive shift in orders to the Asian region and that higher volumes are being generated as a result of offloading from Bangladesh.
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