Teejay Lanka PLC has reported profit before tax of Rs 2.364 billion at Group level for the nine months ending 31st December 2019, an improvement of 56% over the corresponding period of the previous year.

Sales for the period grew by 15% to Rs 26.3 billion the Company said, with revenue for the 3rd quarter alone up by 5% to Rs 8.9 billion.

On the basis of these results, Teejay Lanka PLC has proposed a dividend of Rs 1.30 to shareholders in respect of the third quarter of 2019-20.

Attributing the Group’s performance to “Continuous focus on maintaining a strong order book with the commencement of the Operational Excellence journey during the year,” Teejay Lanka Chairman Bill Lam said overall growth in gross profit was primarily due to a healthier mix, continued stabilisation of cotton prices and improved capacity compared to the previous year, generated through internal efficiencies.

Teejay Lanka CEO, Pubudu de Silva, said that “Long term strategies adopted by the Group and economies of scale from expanding capacity have positively impacted performance during the quarter. He added that “As we celebrate 20 years in operation this year, the Group will continue to focus on creating sustainable products, innovations and modifications to improve the product portfolio for its customers.”

Teejay Lanka was adjudged the Best Textile Exporter in Sri Lanka at the Presidential Export Awards presented by the Export Development Board (EDB) in 2019, moved up three places in the Business Today Top 30 companies ranking that year and was named among the 100 Most Respected Companies in Sri Lanka by LMD.

The Company has 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.