Sri Lanka’s Teejay Lanka Sept quarter net profit up 15-pct

ECONOMYNEXT – Teejay Lanka said net profit rose 15 percent to 426 million rupees in the September 2018 quarter from a year ago owing to expended capacity and strong orders arising from duty free access for apparel exports to Europe.

The Sri Lankan fabric supplier’s sales in the second quarter of 2018-19 was up 25 percent to 7.6 billion rupees over the period, interim accounts filed with the stock exchange showed.

Quarterly earnings per share were 61 cents. EPS for the six months to September 2018 were one rupee with sales up 25 percent to 14.4 billion rupees.

Teejay Lanka chairman Bill Lam said in a statement this was the fourth consecutive quarter of revenue and net profit growth for the company in the face of stiff challenges.

It was made possible by expanded capacity in the group and a strong order book arising from the GSP duty free facilities to the European  Union that it enjoys.
(COLOMBO, 31 October, 2018)

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