Teejay Lanka posts strong 4Q net profit of Rs 549.1 Mn
Strong net profit growth in the final quarter of 2023-24 has enabled Teejay Lanka PLC to end the financial year on an optimistic note despite the impacts of the appreciation of the Rupee, which contributed to its 12-month results falling below those of the preceding year.
Sri Lanka’s first multinational textile manufacturer has reported net profit of Rs, 549.1 million for the three months ending 31 March, up 260% over the corresponding quarter of the previous year and a 15% improvement over the preceding quarter.
Despite an increase in sales volumes, the Group’s revenue for the quarter, at Rs 15.3 billion, was down 4% over the figure for the third quarter of the year and 12% lower than the revenue of the corresponding quarter of the previous year. This was due to the appreciation of the Sri Lanka Rupee.
For the year ending 31st March 2024, Teejay Lanka reported revenue of Rs 60.8 billion, profit before tax of Rs 1.6 billion, and net profit of Rs 1.1 billion, reflecting declines of 28%, 49% and 48% respectively over 2022-23 as a result of the softening of the global market conditions during the year.
Nevertheless, the Group ended the financial year with a strong balance sheet with cash and cash equivalents balance of Rs 8.9 billion and a net assets base of Rs 30.1 billion. Teejay’s net assets value per share of Rs 42was lower by 6% when compared to the corresponding quarter, stemming from the strengthening of the Rupee against the Dollar.
“The Group has reported gross profit of Rs 1.5billion representing a year-on-year increase of 27% and a 17% increase when compared to the third quarter, as a result of the effective utilisation of the Group’s capacity at its two locations,” Teejay Lanka CEO Pubudu De Silva said.
Melco Announces Partnership with Sri Lanka’s John Keells Holdings and Introduces ‘City of Dreams Sri Lanka’
Melco Resorts & Entertainment Limited (“Melco”) is pleased to announce its partnership with John Keells Holdings PLC (“John Keells”), the largest listed conglomerate on the Colombo Stock Exchange, in their US$1 billion plus integrated resort development in central Colombo.
As part of the partnership, the integrated resort, which had previously been branded “Cinnamon Life Integrated Resort”, will be rebranded as “City of Dreams Sri Lanka”. City of Dreams Sri Lanka will be the first integrated resort in Sri Lanka and South Asia and is expected to revolutionize luxury hospitality, entertainment, and leisure in Sri Lanka, presenting an extraordinary architecture and design and a collection of iconic and unparalleled offerings including 800 hotel rooms, retail, food & beverage outlets, MICE facilities, and much more. Additionally, a wholly-owned local subsidiary of Melco has been awarded a 20-year casino license by the Government of Sri Lanka. Melco will fit-out and operate the gaming area at City of Dreams Sri Lanka, and Melco will manage the top 5 floors of the hotel under its Nuwa brand of ultra high-end luxury rooms, which represents 113 of the 800 total hotel rooms at City of Dreams Sri Lanka.
Sri Lanka’s heritage beauty care brand Rani Sandalwood tributes loyal consumers with gold sovereigns
The Swadeshi Industrial Works PLC has launched yet another exciting promotion for the loyal consumers of Rani Sandalwood soap with weekly offer of 03 nos. 22 Carat gold sovereigns for 06 weeks.
Consumers who Post or WhatsApp (077 0089716) or Inbox Rani Sandalwood face book page with two empty cartons of Rani Sandalwood Soap with their name, national identity card number and telephone number to “Rani Sadun Ran Rajiniyan” P.O. Box 04, Kandana are eligible to win 18 nos. 22 Carat gold sovereigns worth of Rs. 3 million over a period of six weeks, the company announced.