News
Teejay knits resilient start to 2024-25 with profit turnaround in Q1
Strategic responses to challenges facing the textile manufacturing industry have generated a positive start to 2024-25 for Teejay Lanka PLC, Sri Lanka’s first multinational textile manufacturer.The Group has reported profit before tax of Rs 273.7 million for the three months ending 30th June 2024, reversing a loss of Rs 701 million in the first quarter of the preceding year.
Revenue for the three months, at Rs 15.4 billion, reflected an improvement of 10% over the corresponding quarter of the previous year, but gross profit grew by 357% to Rs 1.3 billion, Teejay Lanka said in a filing with the Colombo Stock Exchange (CSE).
Consequently, the Group posted an operating profit of Rs 382 million from an operating loss of Rs 582 million in the first quarter of 2023-24, and reported net profit of Rs 158.3 million for the quarter under review, in contrast to a net loss of Rs 853 million in the corresponding period of the previous year.
Teejay Lanka PLC also reported a strong balance sheet, ending the first quarter with cash and cash equivalents of Rs 8.9 billion.
Teejay Lanka Chairman Ajit Gunewardene said the Group had stepped up its efforts with a focused ESG framework, and embraced digitalization 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,” he said, adding that the Group is confident that the strategies put in place will allow it to maintain its current growth trajectory and reach US$ 300 million in revenue by offering world class solutions to its customers.
Teejay Lanka CEO Pubudu De Silva said that the Group is witnessing a positive shift in orders to the Asian region and that higher volumes are being generated as a result of offloading from Bangladesh. He said the Group is evaluating the ongoing changes in the market while navigating the effects of identified volatilities and challenges by implementing long term strategies.
The Teejay Group owns manufacturing facilities in Sri Lanka and India, along with a state-of-the-art printing facility in Sri Lanka. An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 compliant company and the first in the industry to develop green fabric, Teejay Lanka was also the first textile manufacturer in Sri Lanka to receive membership of the US Cotton Trust Protocol. Teejay is a public quoted company with 40 per cent public ownership and the backing of Sri Lanka’s largest apparel exporter Brandix Lanka which has a 32 per cent stake in the Company. 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 2023 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.
Latest News
Navy seize an Indian fishing boat poaching in Mannar seas
During an operation conducted in the dark hours of 22 Feb 26, the Sri Lanka Navy seized an Indian fishing boat and apprehended twelve (12) Indian fishermen while they were poaching in Sri Lankan waters, in the sea area south of Mannar.
The seized boat and the Indian fishermen were handed over to the Fisheries Inspector of Dikovita for onward legal proceedings.
News
Families of those sentenced to death for killing MP Atukorale seek AKD’s intervention
FSL assures legal backing for them
Families of those sentenced to death by the Three-member Gampaha High Trial-at-Bar, over the killing of SLPP MP Amarakeerthi Atukorale, and his police bodyguard, met a senior official of the Presidential Secretariat, yesterday (23), to seek backing for their move to appeal against the verdict.
Having made representations, they addressed the media, outside the Presidential Secretariat, where they declared their intention to move the higher court against the decision.
The SLPP MP and his security officer were killed by an Aragalaya mob on 09 May, 2022, at Nittambuwa. The same day Aragalaya mobs unleashed violence against the then government MPs across the country, torching dozens of their properties.
The Frontline Socialist Party (FSP) yesterday said that they would help the families of those sentenced to death to move court against the Gampaha High Court Trial-at-Bar decision. Responding to The Island queries, FSP spokesman Pubudu Jayagoda said that their representatives had already met the families and necessary work was being done to move the Supreme Court. Twenty three persons were acquitted and four handed six-month prison terms, suspended for five years
Jayagoda said that one of the HC judges differed in the ruling. Asked whether they received backing from any other political party and groups that had been involved in the 2022 protest campaign to defend those who had been found guilty, Jayagoda said such support was lacking.
The JVP/NPP played a significant role in the violent protest campaign that forced President Gotabaya Rajapaksa to step down. Pointing out that the Attorney General, too, was appealing against the court decision on the basis that the number of persons sentenced to death should be much higher, Jayagoda said that the Nittambuwa incident couldn’t be examined in isolation without taking into consideration the SLPP goon attack on Galle Face protesters on 09 May, 2022. (SF)
News
OPV leaves Baltimore, expected in Colombo in May
Offshore Patrol Vessel P 628 of the Sri Lanka Navy departed Baltimore, USA, for Colombo, on 20 February.
The ex-United States Coast Guard Cutter, USCGC Decisive was officially handed over to the SLN on 02 December, 2025, as the latest addition to the SLN fleet, under the Pennant Number P 628.
Measuring 64 metres in length, this ‘B-Type Reliance Class 210-foot Cutter’ is equipped with advanced technological systems and facilities, capable of conducting extensive surveillance operations spanning up to 6,000 nautical miles per patrol.
The vessel’s voyage to Colombo is historic, possibly marking the longest-ever passage undertaken by a Sri Lanka Navy ship. Covering approximately 14,775 nautical miles, the journey will see the P 628 navigate from Baltimore through the Atlantic Ocean, the Panama Canal (a first for a Sri Lankan naval vessel), the Pacific Ocean, and into the Indian Ocean, via the Straits of Malacca. The ship is expected to arrive in Sri Lanka during the first week of May, 2026.
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