Teejay Lanka PLC, Sri Lanka's leading multinational textile manufacturer, has reported a significant turnaround in its first quarter of 2024-25. The company posted a profit before tax of Rs 273.7 million, a sharp contrast to the Rs 701 million loss recorded in the same period last year. Revenue grew by 10 per cent to Rs 15.4 billion, with gross profit surging by 357 per cent to Rs 1.3 billion.

This recovery led to an operating profit of Rs 382 million, reversing the previous year's operating loss of Rs 582 million. Net profit for the quarter reached Rs 158.3 million, compared to a net loss of Rs 853 million in the corresponding period of the previous year. The company also reported a strong balance sheet, with cash and cash equivalents of Rs 8.9 billion.

Chairman AjitGunewardene credited the positive results to strategic initiatives, including a focused ESG framework and digitalization efforts. CEO Pubudu De Silva highlighted a shift in orders to the Asian region and higher volumes due to offloading from Bangladesh. Teejay Lanka continues to innovate, expanding its synthetic product lines and maintaining a growth trajectory aimed at reaching US$ 300 million in revenue.

Teejay Lanka remains a key player in the industry, recognized for its transparency and sustainability efforts.