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Sunday, 8 February 2015

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Textured Jersey third quarter profits up

Textured Jersey Lanka PLC (TJL) reported a net profit of Rs. 376 million for the quarter ended December 31, 2014 (3Q FY2014-15), a significant increase of 25% compared to the corresponding period of last year.

The company's strong cash position has allowed TJL to maintain its trend of generous dividend pay-outs with Rs. .50 per share being declared as an interim dividend for FY2014-15.

According to TJL Chairman, Bill Lam, a combination of increased margins and strong revenue growth enabled TJL to post this impressive result this quarter.

Lam said that with demand from its main customers back on track, TJL recorded strong revenue growth of 12% year-on-year for 3Q FY2014-15 and reported Rs. 3.8 billion in sales.

The better demand conditions also enabled TJL to improve its product mix and achieve higher levels of production efficiencies through optimal capacity use and planning.

This in turn allowed the company to expand its gross profit margins to 12.8% from 10.6% last year, causing gross profits to rise 34% amounting to Rs. 481 million for 3Q, FY2014-15.

The strong performance at gross profit level also enabled TJL to post an operating profit of approximately Rs. 354 million and record 34% year-on-year growth at the operating profit level as well.

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