Textured Jersey Lanka PLC (TJL) recorded Rs. 1.2bn net profit for the year ended 31st March 2014 (FY2013/14) recording an impressive 14% year-on-year growth. This was supported by sustained margins and a robust 16% growth in turnover. Net profit for the quarter ended 31st March 2014 (4Q FY2013/14) also grew 9% year-on-year to reach Rs. 352mn.
Sales for FY2013/14 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 als increased 14% year-on-year reaching Rs. 403mn. The same trend continued at the operating profit level, with FY2013/14 margins maintained at around 8%, with Rs. 1.1b reported as the annual operating profit, up 10% year-on-year. This annual operating profit was achieved on the back of strong quarterly profit of Rs. 313mn for 4Q FY2013/14 up 9% year-on-year.
Further, TJL was able to maintain its near debt-free balance sheet and strong cash position throughout FY2013/14, resulting in Rs. 91mn in finance income for FY2013/14, representing a 15% growth year-on-year. As per the results released, as at 31st March 2014, the company had no borrowings and a strong cash position of Rs. 2.1bn.
Net profit for 4Q FY2013/14 was Rs. 352mn, representing a growth of 9% compared to the corresponding quarter of last year. This helped push the FY2013/14 net profit to Rs. 1.2bn, a 14% growth year-on-year.
Sales for FY2013/14 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 als increased 14% year-on-year reaching Rs. 403mn. The same trend continued at the operating profit level, with FY2013/14 margins maintained at around 8%, with Rs. 1.1b reported as the annual operating profit, up 10% year-on-year. This annual operating profit was achieved on the back of strong quarterly profit of Rs. 313mn for 4Q FY2013/14 up 9% year-on-year.
Further, TJL was able to maintain its near debt-free balance sheet and strong cash position throughout FY2013/14, resulting in Rs. 91mn in finance income for FY2013/14, representing a 15% growth year-on-year. As per the results released, as at 31st March 2014, the company had no borrowings and a strong cash position of Rs. 2.1bn.
Net profit for 4Q FY2013/14 was Rs. 352mn, representing a growth of 9% compared to the corresponding quarter of last year. This helped push the FY2013/14 net profit to Rs. 1.2bn, a 14% growth year-on-year.
The 10-12% capacity added through the modernisation and expansion project will be utilized during 1Q FY2014/15. Also with the revised timelines, the multi-fuel boiler plant should be in operation in 2Q FY2014/15. The envisaged cost savings from the multi-fuel boiler plant and the added capacity places TJL on a strong footing for future profit growth.
TJL’s order book for the first quarter of FY2014/15 was influenced by the adverse weather which affected most parts of the United States in the recent past. Some US retailers took a cautious approach for a couple of months, softening demand in our US business. Despite this, TJL’s European order book continues to be strong mitigating the overall impact. In general, management remains confident of another year of impressive growth, as the business has already recovered from the temporary impact in the first quarter. A strong year of results combined with the implementation of key strategic initiatives would add tremendous value to the shareholders and act as a platform for continuous future growth for the company.
Source: http://www.cse.lk/cmt/upload_report_file/1080_1400582196.pdf
TJL’s order book for the first quarter of FY2014/15 was influenced by the adverse weather which affected most parts of the United States in the recent past. Some US retailers took a cautious approach for a couple of months, softening demand in our US business. Despite this, TJL’s European order book continues to be strong mitigating the overall impact. In general, management remains confident of another year of impressive growth, as the business has already recovered from the temporary impact in the first quarter. A strong year of results combined with the implementation of key strategic initiatives would add tremendous value to the shareholders and act as a platform for continuous future growth for the company.
Source: http://www.cse.lk/cmt/upload_report_file/1080_1400582196.pdf
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