Teejay Lanka PLC, Sri Lanka’s only multinational textile mill, has announced plans to partner with a leading Chinese company to venture in to the manufacture of lace, thereby significantly expanding the Company’s product portfolio.

As a first step, Teejay is to commence dying, finishing, and scalloping of raw lace material supplied by the prospective joint venture partner, Luen Fung Textiles (LFT) of China, the Company has said in a filing with the Colombo Stock Exchange (CSE). This will be undertaken at the manufacturing facilities of Teejay India, the announcement said.

Commenting on the plans announced by Teejay, the Company’s Chairman Mr Bill Lam said: “Teejay is pursuing different growth avenues with diversification of products and this will be the start of this new journey.”

The Company’s CEO Mr Shrihan Perera added that “We are confident that this partnership will give us a distinct edge with clear growth potential with our customer base.”

Teejay Lanka Deputy CEO Mr Pubudu de Silva elaborated: “The addition of lace to our portfolio significantly enhances the versatility of the Company’s offering and its earning potential. We are excited at the prospect of working with Luen Fung Textiles to augment our knowledge and capabilities and to expand our customer base.”

A supply arrangement entered into by Teejay as a precursor to the developments envisaged in the MoU with Luen Fung Textiles paves the way for the latter to design and supply lace as a raw material to Teejay. After purchase, Teejay will sell the finished lace to customers who place orders with both Teejay and LFT.

Founded in 2006 and based in China-Hong Kong, LFT is a reputed company in the business of research and development, manufacturing, selling, marketing, distributing, supplying raw materials and other related items used in the manufacture of lace and related products.

LFT manufactures for popular international brands such as Target, JC Penny, Maidenform, Fruit of the Loom, Vanity Fair, Pacific Brands, Hanes, Kmart, Walmart, Lidl, and Bonds.

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. Teejay Lanka PLC is a public quoted company with 39 per cent public ownership. The company is backed by Sri Lanka’s largest apparel exporter, Brandix Lanka which has a 33 per cent stake and Pacific Textiles of Hong Kong which owns 28 per cent of the company.

An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 compliant company and the first in the industry to develop green fabric, Teejay has been listed on the Colombo Stock Exchange (CSE) since 2011 and was included in the S&P Top 20 Index in Sri Lanka. The Company has also 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.

Chairman of Luen Fung Textiles (LFT) of China Ms Chan Lai Yung (3rd from left) and Teejay Lanka PLC Non Executive Director Mr Hasitha Premaratne exchange the agreement in the presence of representatives of the two companies.

Teejay Lanka PLC has made a strong start to 2019-20, reporting excellent top and bottom line growth at Group and Company level through efficient capacity utilisation, an improved product mix and effective curbing of non-strategic costs.

Sri Lanka’s only multinational textile manufacturer reported Group net profit of Rs 453.7 million and net profit of Rs 376.5 million at Company level for the three months ending 30th June 2019, achieving impressive growth of 62% and 50% respectively in its seventh consecutive quarter of improved sales and profits.

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Twenty apparel collections created by final year fashion design students of the University of Moratuwa (UoM) illuminated the catwalk with fascinating styles, at a spectacular event sponsored by Teejay Lanka PLC, Sri Lanka’s only multinational textile mill.

The occasion was the 13th annual Graduation Fashion Show of the University’s Department of Textile and Clothing Technology, for which Teejay was the Principal Sponsor for the seventh consecutive year.

Daily News

Posts 12-month net profit of Rs 1.86 billion on sales of Rs 31.7 billion

Sri Lanka’s multinational textile manufacturer Teejay Lanka PLC has ended FY 2018-19 on an impressive note, with consistent sales and profit gains of the preceding months bolstered by robust growth in the final quarter, the Group’s sixth consecutive quarter of profit growth.

Economy of scale benefits generated by record production volumes from its expanded manufacturing facilities in India and cost-control and process improvement initiatives combined to enable the Weft knit fabric specialist to post profit before tax of Rs 2.17 billion for the 12 months ending 31st March 2019, an improvement of 19.5 per cent on revenue of Rs 31.7 billion, which was up 29 per cent.

Lanka Business News

Reports 9-month net profit of Rs 1.26 billion on sales of Rs 23.0 billion

Teejay Lanka PLC has achieved its fifth consecutive quarter of top and bottom line growth in the third quarter of 2018-19, demonstrating its resilience during a period of higher raw material and utility costs. 

Reporting revenue of Rs 23.0 billion for the nine months ending 31st December 2018, a growth of 26 per cent; and net profit of Rs 1.26 billion, an improvement of 16 per cent; Sri Lanka’s only multinational textile manufacturer said this had been achieved by operating at optimal capacity.

The Island