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Sri Lanka Textured Jersey net up 62-pct in March

ECONOMYNEXT – Profits at Textured Jersey Plc, a Sri Lanka based fabric group, rose 62 percent to Rs824 million in the March 2016 quarter from a year earlier, with revenues also up, interim accounts showed.

The group reported earnings of Rs1.23 per share. In the year to March, it reported earnings of Rs3.25 per share on total profits of Rs2.1 billion, which were up 63 percent.

Revenues rose 45 percent to Rs5.4 billion in the quarter and costs rose at a slower 38 percent to Rs4.3 billion, allowing the group to grow gross profits 87 percent to Rs1,088 million.

Finance income was a positive Rs21 million.

The group’s cash reserves also rose to Rs2.9 billion, while at company level, cash reserves fell only marginally to Rs1.6 billion from Rs1.9 billion despite acquisitions.

"The group’s gross profit growth was driven by organic operational efficiencies and sustained development of its acquired entities Ocean India and Quenby Lanka, which were turned around in the first half of the financial year," Chairman Bill Lam told shareholders.

"The gross profit percentage further improved with the deployment of the TJ Coal plant, recording a 87 percent increase over the previous quarter and an 86 percent increase over the last financial year."