Textured Jersey Lanka Ltd. has closed its first quarter of the 2011/12 financial year with a significant improvement in its results in comparison to the first quarter of the previous financial year. This is on the back of a successful Initial Public Offering of the shares of the company that took place in early July 2011.
The company has achieved a 33% year on year growth in its top line for the first quarter of 2011/12, recording a turnover of Rs. 2.7bn in the three months ended 30th June 2011. The Chairman of the company Ashroff Omar said “The company followed a focused change in its product and marketing strategy, and achieved satisfactory results. These results were achieved not only by hard work, but even more importantly, by the unrelenting discipline and focus shown by all.”
Textured Jersey has been successful in passing on a greater portion of the increase in prices of its key raw material cotton to its customers, with prices rising on average by 30% without negatively impacting on volumes. The company has also recorded a gross profit of Rs. 251mn during the three months ended 30th June 2011, which is a 56% increase from the gross profit recorded during the first quarter of 2010/11.
Omar further said “Cost savings have helped Textured Jersey to keep its overheads constant and achieve growth in its operating profits as well. The operating profit that has been recorded by the company during the first quarter is Rs. 156mn, which is a growth in excess of 140% in comparison to Q1 of 2010/11. Commenting on the operational performance of Textured Jersey.”
On the bottom-line, the company has recorded a net profit of Rs. 143.9mn during the first quarter of 2011/12 in comparison to Rs. 60.9mn in 2010/11. Commenting on the performance of the quarter and elaborating on the future prospects of the company Ashroff Omar stated, “the management of the company remains strongly committed to achieve greater profitability and we believe the impetus provided by the strong results of the first quarter will further strengthen the team’s ability to deliver the expected results.”
source - www.dailymirror.lk
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