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TEXTURED JERSEY: Q2 marks recovery from setback

SRI LANKAN producer of innerwear fabrics Textured Jersey, a subsidiary of the Brandix concern, declared second quarter sales that were 29 per cent up on the preceding quarter at LKR 3.5bn and 7 per cent up against the same period a year earlier. Net profit for the 2014 Q2 was up by 72 per cent against the preceding quarter, to LKR 282m. Chairman Bill Lam said that the current recovery in US demand would allow the recent addition of 10-12 per cent to production capacity to be fully utilized in coming quarters.

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When the disappointing Q1 results were announced, demand from the US was already beginning to strengthen, allowing the company to predict an early recovery, which has now been confirmed.

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