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Sri Lanka's Teejay's revenue soars 11% in Q2 FY24

01 Nov '23

1 min read

Pic: Teejay Lanka

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Textile manufacturer Teejay Lanka reported an 11 per cent rise in Q2 FY24 revenue, hitting Rs 15.5 billion.
The company also saw a 275 per cent quarter-on-quarter growth in pre-tax profit and a 211 per cent increase in net profit.
However, for H1 FY24, the firm recorded significant declines in revenue, pre-tax profit, and net profit compared to H1 FY23.

Sri Lankan textile manufacturer Teejay Lanka has posted an 11 per cent rise in revenue in the second quarter of fiscal 2024 (Q2 FY24), reaching Rs 15.5 billion (approximately $472.75 million), up from Rs 14 billion in the preceding quarter.

Most striking was the 275 per cent quarter-on-quarter (QoQ) growth in profit before tax, which stood at Rs 1.2 billion, reversing a pre-tax loss of Rs 701 million in the first quarter. Similarly, the group's net profit skyrocketed by 211 per cent, amounting to Rs 943 million, a substantial gain over the Rs 853 million net loss reported in the first quarter of 2023-24.

However, for the first six months of fiscal 2024 (H1 FY24), ending on September 30, 2023, Teejay Lanka reported revenue of Rs 29.5 billion, profit before tax of Rs 522.9 million, and net profit of Rs 90 million. These figures represent declines of 39 per cent, 81 per cent, and 96 per cent, respectively, compared to the first half of fiscal 2023.

Fibre2Fashion News Desk (DP)