Sri Lanka’s Textured Jersey profits up 26-pct
ECONOMYNEXT – Textured Jersey Lanka Plc, a Sri Lanka based fabric maker, said profits rose 26 percent to 206 million rupees in the June 2015 quarter from a year earlier amid improving margins and volumes.
The firm reported earnings of 31 cents per share.
Group revenues rose 3 percent to 2.76 billion rupees, costs fell 1 percent to 2.43 billion rupees and gross profits rose 48 percent to 323 million rupees.
TJL has bought two related firms, Ocean India (Pvt) Ltd and Quenby Lanka Prints (Pvt) Ltd. Results of Quenby has been consolidated in the accounts from June. TJL’s stand alone profit for the June quarter was 188 million rupees up 15 percent from a year earlier.
TJLs gross profit margin had expanded to 11 percent in the June quarter from 8 percent a year earlier.
"This reflects the impact of the previously expanded manufacturing capacity now translating to bottom line margins," Chairman Bill Lam told shareholders.