Business
Teejay records a positive Q3 despite market challenges
Teejay Lanka PLC has maintained its positive trajectory in the third quarter of 2023-24, recording noteworthy pre- and post-tax profit growth for the three months ending 31st December 2023 and reversing the losses of the corresponding quarter of the previous year.
Sri Lanka’s first multinational textile manufacturer has reported profit before tax of Rs 677.7 million for the third quarter of the financial year, as against a pre-tax loss of Rs 24.4 million for the third quarter of 2022-23, recording growth of 2870%.
The Group posted a net profit of Rs 477.4 million for the three months, a gain of Rs 843.3 million or 230% over the net loss of Rs 366 million reported for the corresponding three months of the preceding year.
The Group’s revenue for the quarter reviewed, at Rs 15.9 billion, was down 12% over the Rs 18.1 billion recorded in the corresponding quarter of the last financial year. Nevertheless, the Group’s top line improved by 2.2% over the figure for the second quarter of 2023-24, the Company said.
For the nine months ending 31st December 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%, 56% and 71% respectively over the first nine months of 2022-23.
Teejay Lanka Chairman Ajit Gunewardene said the consistent challenges presented by on-going industry uncertainties have prompted the Group to respond proactively by entering a recovery phase. This involves implementing strategies such as identifying new customer bases, introducing novel product segments, investing in advanced infrastructure, and enhancing skills to adapt to evolving industry dynamics. “These initiatives position Teejay Group effectively to meet the evolving needs of a dynamic market,” Gunewardene said.
Commenting on the Group’s performance in the third quarter, Teejay Lanka CEO Pubudu De Silva disclosed that positive outcomes were achieved due to a timely execution of strategic initiatives during the period under review, including stringent inventory management initiatives and effective cost reduction strategies. “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,” he said.
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 33 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 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.
In a landmark move towards digital transformation within Sri Lanka’s legal system, the Supreme Court officially launched online payment acceptance via GovPay, at a ceremony held on 15th May 2025 at the Supreme Court Complex in Hulftsdorp, Colombo 12, under the patronage of Chief Justice Murdu Fernando, PC.
This digital initiative enables both legal professionals and general public to make real-time, secure online payments via any GovPay-enabled internet banking, mobile banking platforms and FinTech applications for a wide range of services offered by the Supreme Court including Brief Fees, Certified Copying Fees, Commercial High Court Appeal Filing Fees, Compensation, Cost, Enrollment Fees (Attorney-at-Law), Good Standing Certificate Fees, New Plaint Filing Fees, and Online Payments for Affidavits.
At the initial phase GovPay payments to Supreme Court has been enabled via several online banking platforms and FinTech apps including BOC Smart Pay Mobile App, Peoples Pay Mobile App, NSB Online Banking, Pan Asia Online Banking, Sampath Vishwa Online Banking, HNB PayFast, Seylan Bank Online Banking, DFCC Online Banking, NationsDirect Online Banking / NationsDirect Mobile App, ComBank Digital Online Banking and ComBank Digital Mobile App, NDB Neos Online Banking, Helakuru Mobile App, iPay Mobile App, FriMi Mobile App, Genie Mobile App. The integration with GovPay ensures secure, seamless, and transparent transactions, accessible from anywhere anytime, bringing a new level of convenience and efficiency to the legal community and the general public using courts. Moreover, the entire GovPay digital process, including the receipt which generated via the system are legally valid under the Electronic Transactions Act No. 19 of 2006 (as amended).
Speaking at the launch, Chief Justice Murdu Fernando PC emphasized the significance of this initiative in modernizing the judicial system, stating that “This marks an important milestone in our journey towards a more accessible and technology-enabled judiciary. By embracing digital platforms such as GovPay, we are not only improving efficiency and transparency, but also enhancing public trust and ease of access to all stakeholders of the judicial system” , the Chief Justice stated.
Integration with GovPay aims to reduce the reliance on physical cash transactions, long queues, and administrative difficulties that have historically burdened court users as well as legal professionals. It also aligns with the national agenda of leveraging digital infrastructure to improve public service delivery.
The Supreme Court’s adoption of technology-based payments is expected to serve as a model for similar implementations across other courts of law throughout Sri Lanka. Several high-ranking legal professionals, officials from LankaPay, ICTA and representatives of the legal and banking sectors were present to witness this historic occasion.
This transformation is the result of collaboration between the Supreme Court Registrar, the Registry Staff, the Ministry of Justice, Ministry of Digital Economy and key financial and technological institutions committed to enhancing digital inclusion within public institutions with the support of the Central Bank of Sri Lanka.
As the legal landscape evolves, digital platforms, such as GovPay, will play a critical role in ensuring the justice system remains adaptive, inclusive, and future-ready. The Supreme Court’s forward-thinking initiative is expected to pave the way for comprehensive judicial digitalization nationwide.
Fortude has announced a strategic partnership with Ettos, a leading supply chain traceability platform aimed at enabling fashion businesses to maintain more transparent processes and allowing customers to understand how their products are made. This collaboration will integrate traceability, compliance, and Digital Product Passports (DPPs) into a unified solution, helping fashion brands streamline their supply chains and enhance transparency.
Ettos’ platform simplifies the tracking of raw materials and the verification of sustainability claims. It offers a B2B web platform for managing traceability and compliance, along with a B2C web app that delivers DPPs to consumers via QR codes. Through this partnership, Fortude and Ettos will jointly expand their capabilities in the fashion sector, supporting clients from raw material sourcing to final product delivery.
Adriana Batty, Co-founder of Ettos, said, “We are happy to partner with Fortude, whose expertise in digital solutions and deep roots in the fashion industry align with our vision of creating a transparent global supply chain. Together, we will empower brands and consumers with verifiable sustainability insights.”
With over a decade of experience delivering digital solutions to global fashion brands, Fortude shares Ettos’ commitment to transforming supply chain transparency. Daniel Rodrigo, Senior Vice President Global Technical Consulting at Fortude added, “Our partnership with Ettos reinforces our mission to provide digital solutions that matter. For over a decade, we have been an Infor partner, delivering ERP solutions to numerous global fashion brands. As we broaden our vision to drive digital transformation, this partnership is a significant step toward driving meaningful change for fashion brands seeking enhanced transparency and compliance.”
This partnership marks a significant step forward in meeting the fashion industry’s growing demand for sustainability and transparency. Fortude and Ettos are dedicated to helping brands navigate complex supply chains with confidence, fostering a more sustainable future for fashion.
Turyaa Chennai, a premier five-star deluxe classified hotel under the Aitken Spence Hotels portfolio, celebrates a decade of redefining hospitality in one of South India’s most dynamic urban corridors.
Conceived by the visionary entrepreneur and Late Chairman of Aitken Spence PLC, Deshamanya D.H.S. Jayawardena, Turyaa Chennai was built on the belief that Aitken Spence warmth and world-class hospitality could find a meaningful home in India. Ten years on, his legacy continues—alive in every guest experience, every team member’s dedication, and every milestone the hotel celebrates.
Since its opening in 2015, Turyaa Chennai has become a trusted name in Chennai—offering warm service and contemporary comfort. Strategically located along Chennai’s IT expressway, the hotel has grown into a hospitality landmark for business travellers, international travellers, and local tastemakers. Its vibrant dining concepts, spacious rooms and suites, rooftop leisure areas, and exceptional service standards have made it a preferred address in the city.
To mark its 10th anniversary on 15th of May 2025, Turyaa Chennai is hosting a month-long series of celebrations in honour of its legacy and the people who helped shape it. These include religious blessings, a celebratory dinner for loyal guests and partners, an awards ceremony for team members, and culinary showcases that nod to the hotel’s South Indian and Sri Lankan heritage.
Turyaa Chennai (Aitken Spence Hotels) donates wheelchairs to Tamil Nadu Railways in collaboration with Geo India Foundation.
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