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Strong balance sheet gears Teejay for growth despite challenging Q3

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9-month revenue grows 84% to Rs 66.8 billion

Net profit for period up 17% to Rs 1.97 billion even with Q3 loss

Teejay Lanka PLC has reported strong revenue growth for the nine months ending 31st December 2022 as well as for the third quarter of the year, but higher domestic costs, increased taxes and a softening of orders in international markets have impacted the Group’s third quarter profits.

In a filing with the Colombo Stock Exchange (CSE), Sri Lanka’s first multinational textile manufacturer said the Group had improved revenue for the nine months by 84% to Rs 66.8 billion and for the third quarter by 38% to Rs 18.15 billion. However, with the underutilisation of its plants due to a softening in its main markets, increases in fixed costs due to expansion, income tax increases and a rise in utility costs, the Group posted a net loss of Rs 365 million for the third quarter.

Despite the challenges of the third quarter, Teejay said it had, as a result of the Group’s exceptional first half performance, ended the nine months with a robust cash balance of Rs 10.4 billion, a nine-month net profit of Rs 1.97 billion and a net assets base of Rs 36.2 billion, representing a net assets value of Rs 50.52 per share, an increase of 90% when compared to the corresponding quarter of the previous financial year.

Noting that a crucial challenge faced by the Group during the quarter was a low order book, an obstacle that is envisioned to remain unchanged for the upcoming two quarters, Teejay Lanka Chairman Ajit Gunewardene disclosed that “The China Plus One strategy acts as a bright prospect for the Textile and Apparel industries, and our timely expansion in India makes Teejay a likely benefactor of the strategy, going forward. Teejay will also continue to explore opportunities for growth by discovering new business and evaluate the potential of capturing new international markets.”

Teejay Lanka CEO Pubudu De Silva explained that Teejay has taken a strategic approach to move into scheduled factory slowdowns for short durations to address the rising overhead costs, and intends to fine-tune this strategy going forward. He added: “The strides made in the Group’s operational excellence journey enabled Teejay to adopt a fresh new efficient model to reduce its breakeven point which peaked during the end of Q3. As a result, the Group is now geared to face the challenges of the upcoming two quarters by implementing a leaner operating model. Despite the volatilities in the market, Teejay remains confident that positives are not entirely absent.”

Teejay Lanka was the first textile manufacturer in Sri Lanka to receive membership of the US Cotton Trust Protocol, and is a public quoted company with 40 per cent public ownership. The company is backed by Sri Lanka’s largest apparel exporter Brandix Lanka which has a 32 per cent stake. Pacific Textiles of Hong Kong, whose key shareholder is the Tokyo Stock Exchange listed Toray Industries Inc., owns 27 per cent of Teejay Lanka.

Teejay Lanka was ranked the No 1 corporate entity among 100 public listed companies in Sri Lanka for Transparency in Corporate Reporting in the TRAC 2022 assessment carried out by Transparency International Sri Lanka (TISL), the local arm of the international corruption watchdog. The TISL assessment was carried out on three areas crucial to fighting and preventing corruption: reporting on anti-corruption programmes, transparency in company holdings and the disclosure of key financial information in domestic operations.

The Company has been adjudged the Best Textile Exporter in Sri Lanka at the Presidential Export Awards presented by the Export Development Board (EDB) and has been named among the 100 Most Respected Companies in Sri Lanka by LMD.

An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 compliant company and the first in the industry to develop green fabric, Teejay has been listed on the Colombo Stock Exchange (CSE) since 2011 and was included in the S&P Top 20 Index in Sri Lanka. The Company has also been named among the Forbes ‘200 Best under a Billion in Asia’ and been recognised as the ‘International Textile Firm of the Year’ and the ‘International Dyer and Finisher’ by World Textile Institute, London.



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White House blocks Microsoft from foreign worker hiring programme

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The White House has often made extreme claims regarding international workers and immigration

Microsoft and several other technology firms have been barred by the White House from hiring skilled international workers on a permanent basis through a widely used visa programme.

US Vice-President JD Vance on Thursday accused Microsoft alongside other firms of committing fraud through the use of the H-1B visa programme and a related process for workers from abroad to become permanent US residents.

Vance claimed that Microsoft, one of the most valuable companies in the US, has been effectively replacing American workers with “foreign indentured servants.”

Microsoft said most of the H-1B visas filed over the last financial year were for existing workers, who are paid the same as local staff.

“No company in the US has abused this system more than Microsoft,” Vance said.

He also made similar accusations about Adobe, Cognizant, Infosys, Tata, Wipro, HCL and Capgemini.

The US government will not process any new or pending Permanent Labor Certification Program (PERM) applications from Microsoft or the seven other companies, Secretary of Labor Keith Sonderling said during the same conference.

Sonderling said companies like Microsoft, as well as US universities, have turned into “visa mills” that were “flooding” the US with foreign workers.

The BBC has contacted all of the companies for comment.

The total number of H-1B visas, a precursor to anyone seeking to go through the PERM process, is capped at 85,000 per year.

A spokeswoman for Microsoft noted to the BBC that “the vast majority of Microsoft employees in the United States are Americans.” The company employs more than 200,000 people worldwide.

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ComBank unites stakeholders to prepare agri sector for El Niño

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El Nino awareness programmes conducted by the Bank

In response to emerging climate risks, the Commercial Bank of Ceylon has launched a proactive initiative through its Development Credit Department, to equip Sri Lanka’s agricultural sector against the potential impacts of the 2026 El Niño climate pattern.

Seeking to move the industry from reactive loss management to early climate preparedness, the Bank partnered with leading state universities to execute a two-part educational and technological intervention in September 2026.

The initiative comes at a critical juncture. Sri Lanka’s Department of Meteorology reported an 80% probability of El Niño conditions emerging between June and August 2026, with effects expected to persist through November and beyond. As highlighted by the Food and Agriculture Organization (FAO), El Niño acts as a risk multiplier for rural livelihoods, food production, and water supply.

To mitigate these threats, the Bank’s initiative creates a collaborative network uniting academic institutions, agricultural extension services, technology providers, farming communities, and the financial sector. The awareness programme on El-Niño and its impact on agriculture was supported by 12 Commercial Bank branches, and engaged with more than 1,100 farmers at 15 diverse locations, including Vattapalai, Muththajankaddu, Palampas, Oddusuddan, Siyambalanduwa, Lindula, Neluwa, Kalawana, Pannala, Madampe, Mannar, Vavuniya and Kumalamunai.

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SLIC Life marks World Children’s Day with Rs. 1M free cover for newborns

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Senior Management of SLIC Life and officials of Castle Street Hospital for Women symbolically hand over a Free Life Cover of Rs. 1 million to a parent whose child was born on 1st of October 2026

In celebration of World Children’s Day 2026, Sri Lanka Insurance Life (SLIC Life) is providing a free Rs. 1 million life insurance cover to the parents of every child born across Sri Lanka on October 1, 2026. Implemented island-wide across hospitals, this initiative marks the fifth consecutive year of the program, which was first launched in 2022 under SLIC Life’s Corporate Social Responsibility (CSR) umbrella.

The initiative aims to offer financial protection while raising awareness about the vital importance of long-term financial planning right from a child’s birth. SLIC Life CEO Dr. Sameera Dharmasena emphasized that protection should begin at the start of a family’s journey, highlighting the company’s ongoing commitment to safeguarding families against life’s uncertainties and contributing to a secure future for the next generation.

Alongside this program, SLIC Life continues to support child welfare and education through other long-standing CSR initiatives:

Pasal Piriyatha Surakimu (since 2007 has upgraded infrastructure and facilities for over 3,365 underprivileged schools, with its 2026 edition scheduled for November.

Suba Pathum Scholarship Programme (since 2014): Has awarded 2,425 scholarships worth Rs. 265 million to high-achieving children of policyholders.

Through these combined efforts, SLIC Life underscores its dedication to building stronger, more resilient families and communities across the country.

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