Sri Lanka’s leading textile manufacturer Teejay, formerly known as Textured Jersey Lanka, has announced regional growth plans aimed at underpinning its future growth as the company achieved strong revenue growth of 33 per cent over the nine months ended on 31st December 2016.
Sriyan de Silva Wijeyeratne, CEO of Teejay said, “We are already investing further in automation and technology and preparing to embrace the future dynamics and trends in the textile industry, especially with the new demand for synthetics and digital prints and we are poised and ready to benefit from those changes.”
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The Group recorded a revenue of Rs. 16.4 billion compared to Rs. 12.3 billion during the corresponding period last year and announced a 66 per cent growth in dividends to shareholders. On a quarterly basis the Group reported a revenue growth of 6.3 billion compared to the Rs. 5.6 billion recorded last quarter, showing a growth of 14 per cent. However, gross profit dropped by 15 per cent for the third quarter to Rs. 832 million.
Chairman of Teejay, Bill Lam said, “Growth was achieved through continually operating at optimal capacity, with a full order booking during the period; and that the growth in top line was a result of additional orders being canvassed to cater to the future growth stage of the company. The business is watchful of future market challenges, with a close eye on price fluctuations in the market and increasing changes in the product mix.”
