For the fourth quarter Teejay’s revenue was up 35 per cent over the corresponding quarter of the previous year. Net profit for the quarter grew by 19 per cent. Teejay is a textile manufacturer from Sri Lanka. The year was a very successful one for Teejay, in which the group overcame challenging global market conditions through capacity expansion and internal measures. Prices of its main raw material, cotton yarn, increased in the beginning of the year and stabilised during the fourth quarter. Dyes and chemical costs increased significantly due to the challenges faced by suppliers. The group also saw utility prices increases during the year which were directly attributable to the global movement of fuel prices. Through process improvements and price revisions on finished goods, Teejay was able to mitigate part of the cost escalation.

Teejay continued its strong balance sheet from the previous year. The group is debt-free despite the on-going expansion projects. With manufacturing operations in Sri Lanka and India, Teejay is one of the region’s largest textile manufacturers, and supplies fabric to some of the best international brands across the world. The group was able to introduce two key global customers to its portfolio in the financial year and is on track to create strategic business partnerships for the future.