Textured Jersey Lanka December net up 79-pct
ECONOMYNEXT – Fabric maker Textured Jersey Lanka said net profit rose 79 percent to 672 million rupees in the December 2015 from a year ago supported by strong growth of newly acquired subsidiaries which expanded profit margins.
Sales rose 48 percent to 5.6 billion rupees in the quarter, according to unaudited results filed with the stock exchange. Quarterly earnings per share were 1.02 rupees.
In the nine months ending 31 December 2015, EPS rose to 2.04 rupees with net profit up 64 percent to 1,347 million rupees, exceeding the 12-months profit of the previous FY 2014/15. Sales were up 25 percent to 12.3 billion rupees.
Textured Jersey Lanka Chairman Bill Lam said the December quarter was its first full quarter as a group, where management improved performances of its subsidiaries, Indian fabric maker Ocean India (Private) Limited and Quenby Lanka Prints (Private) Limited, an Indian fabric printer.
"The bottom-line growth is driven primarily from improved operating efficiencies, which is reflected in the gross profit growth of 23 percent," he said.
"The group gross margin growth of 103 percent is driven by the sustained growth of the acquired entities that were successfully turned around in the first half, innovations and increased value additions which were well accepted by customers." (Colombo/Feb3/2016)