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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Massive TJL having 2 Billion massive Cash in their Balance Sheet

Massive TJL having 2 Billion massive Cash in their Balance Sheet

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Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Highlights

1. TJL also maintained its strong balance sheet position as at 31 December 2012, with zero long-term borrowings, Rs.53mn in short-term borrowings compared with Rs.1.42bn as at 31 December 2011, and a healthy cash balance of Rs.2bn. This resulted in the company recording a finance income of Rs.11mn for the quarter, compared with a finance expense of Rs.40mn during the same period in the last financial year.

2. DIVIDEND ANNOUNCEMENT (07.02.2013) – Rs. 0.66 per share * This is First Interim

Read Full Chairmans Report as at 31.12.2012 Interim Report :

Textured Jersey Lanka PLC (TJL) reported Rs.365mn in net profit for the quarter ended 31st December 2012 (3Q FY2012/13), an impressive 95% growth compared to the corresponding quarter 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.

Innovative and responsive product realignment strategies came into fruition in 3Q FY2012/13, leading to much higher sales volumes. Higher volumes, combined with industry-leading production efficiencies, lower yarn costs and the depreciation of the Sri Lankan rupee, caused a substantial increase in TJL’s gross profit margins in 3Q FY2012/13. Gross profits for the quarter reached Rs.460mn, a 26% year-over-year increase. Higher sales volumes also compensated for the lower average selling prices, enabling TJL to maintain revenue at Rs.2.86bn for 3Q FY2012/13, a mere 7% lower than the corresponding quarter in the previous financial year.

Stricter cost controls saw a 23% decrease in administrative expenses, while selling and distribution expenses declined 24% in 3Q FY2012/13 compared to the same period in the last financial year. This contributed to an operating profit of Rs.354mn in 3Q FY2012/13, a significant 55% increase year-on-year.

TJL also maintained its strong balance sheet position as at 31 December 2012, with zero long-term borrowings, Rs.53mn in short-term borrowings compared with Rs.1.42bn as at 31 December 2011, and a healthy cash balance of Rs.2bn. This resulted in the company recording a finance income of Rs.11mn for the quarter, compared with a finance expense of Rs.40mn during the same period in the last financial year.

Higher operating profits and a strong cash position allowed TJL to record a net profit of Rs.365mn for 3Q FY2012/13, up 95% compared with the same period in the last financial year. This also resulted in net profits reaching Rs.694mn for the 9 months ended 31st December 2012, an 69% year-over-year increase, which even surpassed the FY2011/12 full year profit of Rs.628mn.

With a strong order book driven by encouraging results from new product lines and continued interest from TJL’s top clients, which include Victoria’s Secret, Marks & Spencer, Intimissimi and Decathlon, management is confident of maintaining sales volumes for the next quarter as well. This, combined with diligent management of operating costs and overheads, will keep TJL on track to record strong results for 4QFY2012/13 and the full financial year.

On strategic initiatives, the construction phase of TJL’s multi-fuel boiler plant commenced during the quarter. The plant, which will reduce TJL’s energy cost substantially, is scheduled to be commissioned during 2H FY2013/14. TJL’s expansion strategy is also moving forward according to schedule. Given the positive outcome thus far, TJL’s management remains confident that the company will continue to enhance shareholder value and deliver strong results in the coming quarter and end the financial year on an impressive note.

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