Textured Jersey records 93 per cent growth

Bill Lam

S. de S. Wijeyeratne

The TJL Group's (TJ), Q1 2016/17 posted a consolidated net profit of Rs. 399 million, a YoY growth of 93 percent.

Chairman of the Group, Bill Lam said that although the Company has shown immense resilience and commitment in pursuing new opportunities, leveraging their regional footing, the future of the textile industry is bound to become more challenging.

TJ recorded a 73 percent top-line YoY growth and an even more impressive 125 percent gross profit growth. This was a direct result of consolidation, strategic overhead management and an output increase.

This with the vastly improved production efficiencies all round, contributed towards the top-line growth and translated it to an impressive net profit of Rs. 399 million; a YoY growth of 93 percent. The consolidated Earnings per Share was Rs. 0.57, showing a growth of 83 percent; while the standalone Earnings per Share of Rs. 0.41 recorded a growth of 41 percent.

TJL's standalone performance has been impressive with a net profit of Rs. 286 million, representing a YoY growth of 52 percent.

The standalone top line growth was 30 percent, yielding Rs 3.5 billion, while gross profits grew by 58 percent. The Group's performance growth strategies have been applied to TJL with equal rigor, bringing its net profit to a YoY growth of 52 percent, at Rs. 286 million.

MD/CEO of TJ Sriyan de Silva Wijeyeratne said that it was rewarding to see the Synergies of the strategic acquisitions the company has made bear fruit.