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Sri Lankan firm Teejay's net profit up 230% in Q3 FY24

02 Feb '24

2 min read

Pic: Teejay Lanka

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Teejay Lanka reported a Q3 FY24 net profit of Rs 477.4 million, marking a 230 per cent increase from a net loss in Q3 FY23.
Despite a 12 per cent revenue decline to Rs 15.9 billion for the quarter, the company saw a 2870 per cent growth in pre-tax profit.
The first nine months of FY24 saw declines in revenue, pre-tax profit, and net profit.

Sri Lankan multinational textile manufacturer Teejay Lanka PLC has reported a net profit of Rs 477.4 million for the third quarter of fiscal 2024 (Q3 FY24), a gain of Rs 843.3 million or 230 per cent over the net loss of Rs 366 million reported for the corresponding three months of the preceding year. The company’s profit before tax was Rs 677.7 million for the third quarter, as against a pre-tax loss of Rs 24.4 million in Q3 FY23, recording growth of 2870 per cent.

The group’s revenue for the quarter was Rs 15.9 billion, down 12 per cent over the Rs 18.1 billion recorded in the corresponding quarter of the last financial year. However, the company’s top line improved by 2.2 per cent over the figure for the second quarter of FY24, Teejay Lanka said in a press release.

For the first nine months of FY24, ending December 31, 2023, Teejay Lanka reported revenue of Rs 45.44 billion, profit before tax of Rs 1.2 billion, and net profit of Rs 567 million, reflecting declines of 32 per cent, 56 per cent and 71 per cent, respectively over the first nine months of FY23.

“The group’s advantage due to its multinational footing offers it the flexibility to capitalise on its location advantages to optimise capacity utilisation and operational efficiency. Additionally, the sustained stability in yarn prices has positively contributed to the growth of the Group's top-line and profitability,” said Teejay Lanka CEO Pubudu De Silva.

Fibre2Fashion News Desk (DP)