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Sri Lanka’s largest knit fabric maker Textured Jersey, planning to raise 1.2 billion rupees by offering 12 percent of the firm's stake to the public, aims to increase production to capture a slice of the country’s knit fabric import market.
Last year the country spent nearly USD 260 million to import knitted fabric, nearly three times Textured Jersey’s annual turnover of USD 80 million (9.2 billion rupees).
“Our immediate plan is to capture that market. We can easily do about another 50 to 100 million dollars worth of production with the expansion,” said Hasitha Premaratne, head of group finance at Brandix, the single largest apparel exporter in the island.
Textured Jersey Lanka is a joint venture between Brandix and Pacific Textured Jersey Holdings Limited, a fully owned subsidiary of the Hong Kong listed Pacific Textiles Holdings Limited, a firm with a market cap of USD one billion.
Sri Lanka’s specialization in intimate apparel exports has resulted in increased knitwear exports and consequently imports of knit fabric. Nearly 51 percent of the island’s apparel exports of USD 3.4 billion were knit fabric exports, a sharp increase from a share of 34 percent in 2002.
“Knit products are the fastest growing segment of the Sri Lankan apparel export market which is growing strongly even after the end of the GSP concessions in August 2010,” said Ashroff Omar, chief executive of Brandix Lanka.
Textured Jersey’s 650,000 square foot factory in the Awissawella industrial zone can knit, dye and finish 2.5 million meters of fabric a month. Out of the total money raised in the public issue, 344 million will go in to construction of a new factory in the same premises.
Company officials said the firm is eventually looking at exporting to the region. It is already shipping small volumes to India and Bangladesh.
“The region exports knit fabric worth USD 17.8 billion” said Omar.
“We have not exploited the region, we have the opportunity to establish as the largest integrated mill,” he said.
Textured Jersey Lanka posted profits of USD 6.1 million dollars (LKR 684.7million) for the year ending March 31, 2011, rising 15 percent year on year. The Company claims five year revenue and net profit CAGRs of 25 percent and 21 percent respectively.
Sri Lanka’s knit fabric market consists of four players with Textured Jersey, Ocean Lanka, Hayleys MGT Knitting Mills and South Asian Textiles.
Sri Lanka is also a hub for ladies' intimate apparel, which requires specialty knit fabric.
http://www.lbr.lk/fullstory.php?nid=201106281503434387
Last year the country spent nearly USD 260 million to import knitted fabric, nearly three times Textured Jersey’s annual turnover of USD 80 million (9.2 billion rupees).
“Our immediate plan is to capture that market. We can easily do about another 50 to 100 million dollars worth of production with the expansion,” said Hasitha Premaratne, head of group finance at Brandix, the single largest apparel exporter in the island.
Textured Jersey Lanka is a joint venture between Brandix and Pacific Textured Jersey Holdings Limited, a fully owned subsidiary of the Hong Kong listed Pacific Textiles Holdings Limited, a firm with a market cap of USD one billion.
Sri Lanka’s specialization in intimate apparel exports has resulted in increased knitwear exports and consequently imports of knit fabric. Nearly 51 percent of the island’s apparel exports of USD 3.4 billion were knit fabric exports, a sharp increase from a share of 34 percent in 2002.
“Knit products are the fastest growing segment of the Sri Lankan apparel export market which is growing strongly even after the end of the GSP concessions in August 2010,” said Ashroff Omar, chief executive of Brandix Lanka.
Textured Jersey’s 650,000 square foot factory in the Awissawella industrial zone can knit, dye and finish 2.5 million meters of fabric a month. Out of the total money raised in the public issue, 344 million will go in to construction of a new factory in the same premises.
Company officials said the firm is eventually looking at exporting to the region. It is already shipping small volumes to India and Bangladesh.
“The region exports knit fabric worth USD 17.8 billion” said Omar.
“We have not exploited the region, we have the opportunity to establish as the largest integrated mill,” he said.
Textured Jersey Lanka posted profits of USD 6.1 million dollars (LKR 684.7million) for the year ending March 31, 2011, rising 15 percent year on year. The Company claims five year revenue and net profit CAGRs of 25 percent and 21 percent respectively.
Sri Lanka’s knit fabric market consists of four players with Textured Jersey, Ocean Lanka, Hayleys MGT Knitting Mills and South Asian Textiles.
Sri Lanka is also a hub for ladies' intimate apparel, which requires specialty knit fabric.
http://www.lbr.lk/fullstory.php?nid=201106281503434387
