‘Textured Jersey Lanka PLC (TJL) reported a 14% year-on-year growth in net profit to Rs. 1.2bn for the year ended 31st March 2014, supported by growth in turnover. The company’s cash position has allowed TJL to maintain its trend of "very generous dividend" pay-outs with Rs. 0.80 per share being declared as the final dividend for FY2013/14.
‘This boosted the total dividend for the year to Rs. 1.30 per share representing an impressive pay-out of 74% of total net profit for the year. According to Bill Lam, chairman of Textured Jersey, the company managed another year of impressive results despite recent adverse weather conditions faced in the United States, softening retailer demand growth, according to a press release.
It adds: ‘During the year under review, sales reached Rs. 12.7bn, 16% higher than that of last year. The company maintained its gross margin for FY2013/14 at 11% levels, and was able to achieve a 15% year-on-year growth in gross profit to Rs. 1.5bn. The gross profit for 4Q FY2013/14 also increased 14% year-on-year reaching Rs. 403mn. The same trend continued at the operating profit level, with FY2013/14 margins maintained around 8%, with Rs. 1.1bn reported as the annual operating profit, up 10% year-on-year. This annual operating profit was achieved on the back of a strong quarterly profit of Rs. 313mn for 4Q FY2013/14 up 9% year-on-year.
‘TJL’s strong cash generation ability has enabled it to maintain a near debt-free balance sheet and a healthy cash position throughout the period. The company was able to record Rs. 91mn in finance income for FY2013/14, representing a substantial 15% growth year-on-year. As per the results released, the company had no borrowings and a strong cash position of Rs. 2.1bn as at 31st March 2014.
‘This boosted the total dividend for the year to Rs. 1.30 per share representing an impressive pay-out of 74% of total net profit for the year. According to Bill Lam, chairman of Textured Jersey, the company managed another year of impressive results despite recent adverse weather conditions faced in the United States, softening retailer demand growth, according to a press release.
It adds: ‘During the year under review, sales reached Rs. 12.7bn, 16% higher than that of last year. The company maintained its gross margin for FY2013/14 at 11% levels, and was able to achieve a 15% year-on-year growth in gross profit to Rs. 1.5bn. The gross profit for 4Q FY2013/14 also increased 14% year-on-year reaching Rs. 403mn. The same trend continued at the operating profit level, with FY2013/14 margins maintained around 8%, with Rs. 1.1bn reported as the annual operating profit, up 10% year-on-year. This annual operating profit was achieved on the back of a strong quarterly profit of Rs. 313mn for 4Q FY2013/14 up 9% year-on-year.
‘TJL’s strong cash generation ability has enabled it to maintain a near debt-free balance sheet and a healthy cash position throughout the period. The company was able to record Rs. 91mn in finance income for FY2013/14, representing a substantial 15% growth year-on-year. As per the results released, the company had no borrowings and a strong cash position of Rs. 2.1bn as at 31st March 2014.
‘Net profit for 4Q FY2013/14 was Rs. 352mn, representing a growth of 9% year-on-year. Net profit for the year ended 31st March 2014 displayed a strong 14% year-on-year growth pushing up the net profit to Rs. 1.2bn.
‘The 10-12% capacity added through the modernisation and expansion project will be utilized during 1Q FY2014/15. In addition, with the revised timelines, the multi-fuel boiler plant should be in operation in 2Q FY2014/15. According to a statement released to the CSE by Mr. Lam, "The envisaged cost savings from the multi-fuel boiler plant and the added capacity places TJL on a strong footing for future profit growth".
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‘The 10-12% capacity added through the modernisation and expansion project will be utilized during 1Q FY2014/15. In addition, with the revised timelines, the multi-fuel boiler plant should be in operation in 2Q FY2014/15. According to a statement released to the CSE by Mr. Lam, "The envisaged cost savings from the multi-fuel boiler plant and the added capacity places TJL on a strong footing for future profit growth".
www.island.lk
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