Business Times

Textured Jersey Lanka PLC celebrates profitable year with 50% dividend pay-out

Textured Jersey Lanka PLC (TJL), a recently listed garments' firm, has declared a final dividend of Rs. 0.36 per share, subject to shareholder approval. This is in addition to an interim dividend of Rs. 0.12 per share declared by the company in March 2012, thereby totalling the dividend during the year to Rs. 0.48 per share, giving a dividend pay-out ratio of 50%, as per the published unaudited profit of Rs. 628 million for FY 2011/12, and a dividend yield of 6.4% at the current share price of Rs. 7.50.

The quarterly results of the company saw it recording 47% growth in profitability during the 4th quarter of FY 2011/12 to Rs. 328 million (excluding one off unrealised exchange losses) and a growth of 21% in revenue to Rs. 3.1billion. Consequently, net profit for the year, excluding unrealised exchange losses, grew by 14% to Rs. 780 million for FY 2011/12, backed by a strong 31.8% growth in top line to Rs. 12.2 billion.

Explaining this growth in revenue, the Chairman, Ashroff Omar stated, "The policy of strengthening its customer base has been beneficial for Textured Jersey Lanka whilst its longstanding relationships with its key customers have also been a valuable asset in uncertain times."

The unrealised one off exchange losses recorded during the year as a result of the unexpected devaluation of the Rupee, amounted to Rs. 152 million, the inclusion of which saw an 8% drop in reported profitability to Rs. 628 million.

Instead of the previous green-field expansion plans, the management is currently actively pursuing inorganic expansion options within the South Asian region via an acquisition of an existing facility. Acquisition of operational facilities, which may now be available at a reasonable price following last year's industry upheavals, should provide a faster return than organic expansion and yield optimal returns on the IPO funds.

Management is also evaluating options to set up a coal/bio mass boiler in order to offset the negative impact of the recent furnace oil price increase, while effective inventory management remains a priority with cotton prices having fallen to their lowest levels since February 2010.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
EPF has 8.43 % stake in loss-making TFC
1000 GK depositors appeal afresh to Supreme Court for help
State banks to mobilize more foreign remittances
Crisis continues in SL Tourism apparatus
Venture capital firm funds two online projects, 6 more likely
Comment - War anniversary: Healing needed
Young entrepreneur prepares to take on world with unique electric-turbo car
Govt. violating the rights of the people
Central Bank takes up the cause of the Sri Lankan beauty
Milco kick-starts milk revolution popularising fresh liquid milk
Independent probe needed to save EPF from further plunder
12-page spread on Sri Lanka in Emirates luxury holidays catalogue for UK market
Microsoft figures among top 3 Best Corporate Citizens for 2012 by Corporate Responsibility Magazine
Landmark feat by Strategic Risk Solutions
IBM Colombo celebrates its golden jubilee
Virtusa introduces software solution for school management
Laugfs planning unique 5-star hotel at Kalutara
SLIC web site, a must visit for inventors and industry alike
Jetwing Hotels wins 8 TripAdvisor Certificates of Excellence
Sustainability: 'Green manufacturing' opening up in Sri Lanka to supply 'eco-friendly manufacturing’
Japanese agency continues to provide long term fellowships to local public officers
Seven young Sri Lankans to compete at Cannes Lions
JKH integrates sustainability initiatives in its financial performance
Ceylinco Insurance director Jagath Alwis speaks at international insurance conference
Tiger Airways launches direct flights between Colombo and Singapore
Cyber Illusions paints Colombo with light
Airtel ranked amongst top 100 Global Brands
Hemas, buoyed by tourism outlook, plans to develop 43-acre hotel property Tangalle
Textured Jersey Lanka PLC celebrates profitable year with 50% dividend pay-out
Softlogic Group sees sharp growth in finance, health sectors
World Bank says service delivery needs to improve in Sri Lanka
Phoenix Flowguard - 21st century technology at your doorstep
Sri Lanka's largest unit trust fund (Rs. 4.9 billion assets) secures Rs 799 mln from capital gains
WaveNET shoring up the support centre as global footprint increases
Strip titles of offenders; ignore their family ties – ex- stocks’ regulator says
Treasury’s blame game backfires
Expolanka Holdings in key strategic investments last year, post-tax profits up at Rs 1.2 bln
Women: “Carry a toothbrush along with combs in your handbag” - dentist’s advice
PC House moves into drug manufacturing

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2012 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution