TEXTURED JERSEY: Q1 results show sales decline
FIRST quarter results for the fiscal year 2013/14 of Textured Jersey, a division of Brandix Ltd, showed a sales decline of 7 per cent, to LKR 2.7bn, pulling down gross profit to LKR 219m as the gross margin declined by around 25 per cent to 8.2 per cent. The weaker sales were attributed to reduced demand from the USA due to abnormal weather conditions earlier in the calendar year. The resulting drop in volume caused net profit to slump by 32 per cent against the same period a year earlier, to LKR 164m. ChairmanBill Lam said the demand from the US had already revived and promised improved performance in following quarters.
The time elapsed before publication of the quarterly results makes them of academic interest only, except for shareholders.