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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka’s Textured Jersey 3rd quarter net profit rises to Rs. 365 million

Sri Lanka’s Textured Jersey 3rd quarter net profit rises to Rs. 365 million

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Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sri Lanka’s Textured Jersey Lanka PLC has earned a net profit of Rs. 365 million for the quarter ended on the 31st of December 2012, which is an year on year growth of 95%.

The fabric manufacturer says, innovative and responsive product realignment strategies which came into fruition during the third quarter of the ongoing financial year, led to higher sales volumes.

It says, higher volumes combined with industry-leading production efficiencies, lower yarn costs and the depreciation of the rupee, caused a substantial increase in TJL’s gross profit margins in the quarter ended in December 2012.

Gross profits for the said quarter have reached up to Rs.460 million, which is a 26% year-over-year increase.

Higher sales volumes achieved, have also compensated for the lower average selling prices, enabling TJL to earn a revenue of Rs.2.86 billion during the 3rd quarter of the ongoing financial year.

This is a 7% drop compared with the corresponding quarter in the previous financial year.

Stricter cost controls have helped to cut down administrative expenses by 23%, while selling and distribution expenses too have declined by 24% in the reference quarter when compared with the same period in the last financial year.

“TJL’s strong profit growth trajectory has allowed the company to surpass last year’s full year profit in the just the first 9 months of the current financial year, an impressive feat, given the challenging market conditions”, Chairman of the firm, Bill Lam stated in his review.

The Fabric maker has also maintained its strong balance sheet position as at 31 December 2012, with zero long-term borrowings.

It held, Rs.53 million in short-term borrowings compared with Rs.1.42 billion, as at 31 December 2011, and a healthy cash balance of Rs.2 billion.

This has resulted in the company recording a finance income of Rs.11 million for the quarter, compared with a finance expense of Rs.40 million recorded during the same period in the last financial year.
http://www.news360.lk/business-finance/news-apparel-sri-lanka%E2%80%99s-07-02-2013-textured-jersey-3rd-quarter-net-profit-rises-to-rs-365-million-908876

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