Sri Lankan firm Teejay's revenue soars 10% in Q1 FY25

Teejay, a leading Sri Lankan textile manufacturer, has reported a revenue of Rs 15.4 billion (approximately $51.11 million) for the first quarter of fiscal 2025 (Q1 FY25), marking a 10% increase compared to the same quarter of the previous year.

The group's gross profit saw an impressive growth of 357%, reaching Rs 1.3 billion, a notable improvement reflecting the company's strengthened operational efficiency. Teejay reported a profit before tax of Rs 273.7 million for the quarter, a remarkable turnaround from the Rs 701 million loss reported in the first quarter of the previous fiscal, the company said in a press release.

This positive shift in financial performance also led to an operating profit of Rs 382 million, in contrast to the operating loss of Rs 582 million reported in the same quarter last year. The company’s net profit for Q1 FY25 was Rs 158.3 million, a significant recovery from the net loss of Rs 853 million in the corresponding period of FY24.

“The group had stepped up its efforts with a focused ESG framework, and embraced digitalisation as a way of life, seeing transformation as the way forward. We are also focused on developing new product lines, and as a result several initiatives were taken to broaden the group's synthetic footprint, contributing to progress in both areas,” said Teejay Lanka chairman Ajit Gunewardene.

Fibre2Fashion News Desk (DP)