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20th May 2016, Colombo

Textured Jersey reports record net profit boosted by acquisitions

Textured Jersey Lanka is one of the largest Sri Lankan knitted fabric manufacturers.Textured Jersey Lanka, one of the largest Sri Lankan knitted fabric manufacturers, has announced its fourth quarter financial results, closing a successful year with a record year on year net profit growth of 63%, Daily News reports.

The year to date net profit was Rs. 2,172 million, while the revenue recorded was Rs.17.8 billion, representing a 30% increase. The strong Group performance achieved in quarter three, has been surpassed in this fourth quarter, clocking record breaking quarterly and full year financial results.

The boost in profits is said to be directly attributed to the synergy from acquisitions, stringent cost control initiatives, cutting edge Innovations, and the company’s growing product portfolio.

Delivering results

“Amidst an ever challenging global space we have continued to pursue every new opportunity; leveraging our regional footing and providing flexible and better solutions to a broader customer portfolio, through which we have enhanced our performance and increased value to our shareholders,” said Group Chairman Bill Lam.

He also added that the cohesive and smooth transition of the teams coming under the single Textured Jersey operating structure had greatly contributed to the delivery of these outstanding results.

The Group recorded a consolidated revenue of Rs. 5.5 billion in its fourth quarter, a 45% growth, and a net profit of Rs. 825 million, which is a 62% increase over the previous quarter.

Knit fabric manufacturing

Textured Jersey is renowned for the production of superior quality knit fabrics. The company’s history goes back nearly half a century, when its British roots gave it a solid grounding in the textile industry. Textured Jersey saw ownership change hands in the year 2000. Its advanced and dynamic manufacturing facility is strategically located 55 km from the metropolis of Colombo.

Last year, the company acquired a controlling stake in an Indian knit fabric manufacturer, Ocean India (private) Limited for US 15 million.

Subject to obtaining necessary corporate and regulatory approval, TJL bought all 35.63 million shares of Ocean Mauritius Ltd., the parent firm of Ocean India, which operates a knit fabric manufacturing plant in Visakhapatnam, India.

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