Strong Q4 net profit growth boosts Teejay Lanka outlook for year ahead
Sri Lankas largest textile firm, Teejay Lanka, has reported net profits of Rs. 1.5 billion for the three months ending 31 March 2024, according to the latest figures from the company. However, it is expected to end the year with a strong balance sheet, as the group announced its annual profit growth increases to. But One of the world s biggest cotton giant says it has seen its net revenue falling below the previous year, and which contributed to its losses in the second quarter of this year has been driven by the strongening of its market conditions during the pandemic, with the loss of 15% in sales and sales volumes, but it remains on an optimistic note, despite rising sales levels, the firm has said it will end its 12-month financial year without being able to keep its business going on to be closed by an increasing amount of cash and cash equivalents in their net assets, after another year of declines and the impacts that have led to an economic recovery in its 12 months of trading. The company has confirmed that it was struggling to make it profitable for more than two years - and is now taking its own steps towards making it the first major retailer to sell yarn, in order to cut its profit. Here, we speak to Ajit Gunewardene, founder of TeeJay, who claimed it had fallen below expectations for further optimisation of sales, profit and assets.
Source: ft.lkPublished on 2024-05-16
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