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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Textured Jersey ups bottom line growth by 68% for 2Q

Textured Jersey ups bottom line growth by 68% for 2Q

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sriranga

sriranga
Co-Admin
http://www.cse.lk/cmt/upload_report_file/1080_1383126163719.pdf


Key Ratios of the Company
Textured Jersey ups bottom line growth by 68% for 2Q Tjl10

http://sharemarket-srilanka.blogspot.co.uk/

wiser

wiser
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
healthy grow. I owned 14000 @ 8 levels but sold @ 12 level.Sad . Now I re-enter @14 but only 3000. wht to do god has reserved only that. hv to satisfied.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
No issues to see in growth. With NAV being below 10, at 15 isn't it a little overvalued?

However, comparing last 2 financial periods, good EPS growth so this can be earmarked for a growth stock. For serious investments, we also need to go deeper than this in their financials and the business model.

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
now TJL trading at 1.5 time of Pbv and close to 10 P/E, is it worth at this level? i don't think so??Question Question Question Question 

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
Cotton prices are down 10% in October. They have to lower their selling prices (quickly than upward adjustment as buyers demanding prices to adjust), resulting squeezing margins.

So I think it's the best time to exit as it has given a very good return.

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
We also need to look at the trend of other stocks.

Even though TJL is a new entrant, it has considerable foreign holding and good dividen yield still.

It can trade at higher PE's due to this and its future growth potential.

Cheers!

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Textured Jersey Lanka PLC (TJL) yesterday reported a 68% year-on-year bottom line growth for the quarter ended 30 September 2013 (2Q FY2013/14), continuing on its impressive performance.

The company reported a nett profit of Rs. 263 million for 2Q FY2013/14, and a cumulative net profit of Rs. 504 million for the period ended 30 September 2013/14 (1H FY2013/14), up 53% year-on-year, positioning the company for another phenomenal year.

In a statement released to the CSE on the quarterly results, Textured Jersey Chairman Bill Lam stated that during the quarter under review the company had initiated investments to expand capacity, while adding to its product offering capability as well. Further, Lam stated that in order to facilitate its long term growth plans, steps have been taken to further strengthen the company’s senior management team.
Higher sales volume

In his statement, Lam mentioned that due to higher sales volumes as compared to the previous year, TJL was able to record sales of Rs. 3.2 billion for 2Q FY2013/14, 34% higher than that of last year; placing the 1H FY2013/14 cumulative sales figure at Rs. 6.1bn, up 21% year-on-year.

On this strong top line growth, TJL was able to achieve a gross profit of Rs. 347 million for 2Q FY2013/14, up 79% year-on-year and cumulative gross profit of Rs. 694 million for 1H FY2013/14.

In his statement, Lam attributed this to higher margins achieved particularly through operating at optimal capacity levels with a good product mix.

As per the results released, distribution expenses for the quarter under review increased 54% year-on-year to Rs. 22 million and administrative expenses increased 91% to Rs. 81 million. Lam pointed out that the year-on-year increase in administrative expenses was a result of a lower expense figure being recorded in the corresponding period last year due to a provision reversal.

Debt-free balance sheet
However, due to a strong year-on-year gross profit growth, TJL recorded an operating profit of Rs. 249 million for 2Q FY2013/14, up 67% year-on-year placing the cumulative operating profit at Rs. 478 million for 1H FY2013/14, up 52% compared to that of the previous year.

Lam said: “Consequent to maintaining a near debt-free balance sheet and a healthy cash position throughout the period, TJL was able to record Rs. 18 million in net finance income for 2Q FY2013/14, representing a substantial 156% growth year-on-year.”

As per the results released, as at 30 September 2013 the company had no borrowings and a strong cash position of Rs. 2 billion.

Lam continued to mention in his statement that as a result of the impressive performance during the quarter and the strong balance sheet, TJL was able to achieve its final result of Rs. 263 million nett profits for 2Q FY2013/14, growing 68% year-on-year. He added that the order book for the next six months remains strong and the company is poised to report a steady profit growth in the second half of the financial year as well.

Next half growth
However, he pointed out that the growth in the next half may not be as significant as the first on a year-on-year basis, due to the exceptional performance during the latter half of the previous year.
Talking about the customers, Lam mentioned: “TJL’s focus on providing customer driven solutions through flawless execution while maintaining industry-leading quality standards have helped build strong relationships over the years with strategic customers such as Intimissimi, Victoria’s Secret, Marks & Spencer, Decathlon and DBA brands. Further, TJL continues to develop growing interest from emerging brands as well.”

He also mentioned: “The European business has shown significant growth during the past year led by Intimissimi, Decathlon and DBA brands, which was mainly driven through product and service innovation. This is clearly evident by the company’s healthy order book to date.”

In conclusion, he stated that given all the factors mentioned in his statement, the management remains confident of sustaining growth and delivering value to shareholders on a continual basis.
http://www.ft.lk/2013/10/31/textured-jersey-ups-bottom-line-growth-by-68-for-2q/

Humble


Manager - Equity Analytics
Manager - Equity Analytics
@sriranga wrote:http://www.cse.lk/cmt/upload_report_file/1080_1383126163719.pdf


Key Ratios of the Company
Textured Jersey ups bottom line growth by 68% for 2Q Tjl10
Great results!

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I notice one thing

The way TJL is managed is different from many other companies. They prefer to keep their cash position in 2 B figures and the debt almost zero. So they always keep a very high underutilized potential. This is not the way sri lankan firms are managed. Sri Lankan entrepreneur always prefer to make financiers rich in the name of growth .

This model is more similar to DELL computers.. Just evaluate the past five years of Dell computers Balance sheet. Their cash position is more than the equity contributed.

Further many sri lankan firms prefer to remain within sri lanka and make the assumption that they can not do business beyond their territory. Based on that factor many sri lankan firms have to diversify.

TJL is a different model. Since it has a foreign owner like many MNCs they have to declare higher dividend yield.

all these are favorable for a investor

WWDNF


Equity Analytic
Equity Analytic
TJ also did not have a CEO up to today. Their Management Team did a remarkable job given this challenge too!!! They are an extremely efficient bunch. Very dedicated to their jobs.

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