Net profit of Rs. 1.24 billion in 6 months is extraordinary by any standards!
That’s what Sri Lanka’s only multinational textile manufacturer, Teejay Lanka PLC, has achieved in the 6 months (ending 30 September) of 2019-20.
It’s a whopping growth of 75 per cent from what it was during the first 6 months of the previous year.
This is Teejay Lanka’s 8th successive quarter of revenue and profit. The company generated a revenue of Rs. 17.4 billion in 6 months, while it was Rs. 9.31 billion for Q2 alone – a growth of 20 and 22 per cent, respectively.
The net profit for Q2 rose by 84 per cent to touch Rs. 783.15 million.
The profit before tax was Rs. 1.518 billion for 6 months – an impressive jump of 73 per cent. This was disclosed by Teejay Lanka in a filing with the Colombo Stock Exchange (CSE).
Wing Tak Bill Lam, Chairman, Teejay Lanka, attributed the growth to various factors including operational excellence, stabilisation of cotton prices and better product mix.
Shrihan Perera, CEO, Teejay Lanka, said that depreciation of the rupee also helped in keeping the rate of growth of expenses below the rate of sales growth.
