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Sri Lanka Textured Jersey Sept net up 66-pct

ECONOMYNEXT – Sri Lankan fabric maker Textured Jersey Lanka PLC said September 2015 quarter net profit rose 66 percent to 468 million rupees from a year ago as it reaped gains from new acquisitions and kept costs under control.

Sales rose 16 percent to four billion rupees. Earnings per share for the quarter rose to 71 cents from 43 cents the year before, a stock exchange filing said.

Net profit margin rose to 9.15 percent for the period ended 30 September 2015 from 7.27 percent a year ago.

Chairman Bill Lam said the company has completed a “very strong quarter”, which included its first month of successful consolidation of Indian fabric maker Ocean India (Private) Limited (OCI) and a full quarter in the case of Quenby Lanka Prints (Private) Limited (QPL), an Indian fabric printer.

For the quarter ending 30 September 2015, TJL as a standalone company recorded a net profit of 379 million rupees, up 34 percent, he said.

“The bottom-line growth is driven primarily from economies of scale, tight cost management and improved operating efficiencies, which is reflected in the gross profit growth of 41 percent,” Lam said.

“TJL’s standalone performance was reinforced with the consolidation of both QPL and OCI, resulting in the group’s consolidated results reporting an impressive revenue growth of 16 percent and bottom-line growth of 66 percent.

“The group gross margin growth of 84 percent is driven by the envisaged sourcing synergies and group level cost management strategies, coupled with the successful turnaround that the teams have helped execute in each of the acquired entities,” Lam said.   (Colombo/October 29 2015)

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