Teejay Lanka PLC has reported Profit Before Tax of Rs. 902.8 million at Group level for the three months ending 31 March 2021, reflecting growth of 67% over the corresponding quarter of the previous year, with revenue growing 40% to Rs 9.770 billion, its highest quarterly revenue since inception despite the pandemic affected Q1.
[caption id="attachment_137980" align="alignright" width="490"]
From left: Teejay Lanka Chairman Bill Lam and Teejay Lanka CEO Pubudu De Silva [/caption]
Group Profit After Tax improved by an even more impressive 80% to Rs. 760.8 million. Over the preceding three quarters of the year, Teejay Lanka posted a Q1 net loss of Rs. 31.5 million, a net profit of Rs. 631.3 million in Q2, and a net profit of Rs. 778.4 million for Q3.
Revenue for the quarter at company level was up by 56% to Rs. 6.297 billion, Profit Before Tax grew by 52% to Rs. 599.4 million and net profit increased by 65% to Rs. 575 million, Teejay Lanka said in a filing with the Colombo Stock Exchange (CSE).
Commenting on these results, Teejay Lanka PLC Chairman Bill Lam said: “I’m happy to announce that as a group, Teejay has performed well in the 2020-21 financial year while battling with the pandemic. The group was able to continue its operations at all three plants by adhering to Government health protocols to cater to the world fashion and textile industry.”
He disclosed that the group closed the year with a consolidated debt-free balance sheet, with a cash balance of Rs. 6.2 billion.
Teejay Lanka PLC CEO Pubudu De Silva said the group had kept administration costs to Rs. 1.356 billion which is a decline of 5%, while marketing and distribution costs were curtailed to Rs. 148 million, which is a decline of 24%. An increase in yarn prices seen in the fourth quarter will continue to be prevalent in the first quarter of the new year, he said.
From left: Teejay Lanka Chairman Bill Lam and Teejay Lanka CEO Pubudu De Silva [/caption]
Group Profit After Tax improved by an even more impressive 80% to Rs. 760.8 million. Over the preceding three quarters of the year, Teejay Lanka posted a Q1 net loss of Rs. 31.5 million, a net profit of Rs. 631.3 million in Q2, and a net profit of Rs. 778.4 million for Q3.
Revenue for the quarter at company level was up by 56% to Rs. 6.297 billion, Profit Before Tax grew by 52% to Rs. 599.4 million and net profit increased by 65% to Rs. 575 million, Teejay Lanka said in a filing with the Colombo Stock Exchange (CSE).
Commenting on these results, Teejay Lanka PLC Chairman Bill Lam said: “I’m happy to announce that as a group, Teejay has performed well in the 2020-21 financial year while battling with the pandemic. The group was able to continue its operations at all three plants by adhering to Government health protocols to cater to the world fashion and textile industry.”
He disclosed that the group closed the year with a consolidated debt-free balance sheet, with a cash balance of Rs. 6.2 billion.
Teejay Lanka PLC CEO Pubudu De Silva said the group had kept administration costs to Rs. 1.356 billion which is a decline of 5%, while marketing and distribution costs were curtailed to Rs. 148 million, which is a decline of 24%. An increase in yarn prices seen in the fourth quarter will continue to be prevalent in the first quarter of the new year, he said.