Teejay Lanka, a Sri Lankan fabric manufacturer, reported earnings of 310 million rupees in the June 2021 quarter, up from a loss of 31 million in the pandemic-hit quarter last year, but expenses were growing as commodity prices rose.
For the quarter, the company earned 44 cents per share. In the fiscal year ending March 31, the group earned 3.04 rupees on total profits of 2.1 billion rupees.
The company recorded earnings of 1.07 rupees on total profits of 760 million rupees in the March 2021 quarter.
The group said revenues rose to 10.3 billion rupees from 4.7 billion a year earlier, but costs rose to 9.6 billion euros billion The company’s chairman Bill Lam told shareholders that raw materials and cotton prices are at a peak level. Global commodity prices including cotton have risen in recent months as the Federal Reserve under Jerome Powell prints money.