Colombo - With regular orders being pushed back, Teejay Lanka, one of Sri Lanka's largest circular knitters, has begun manufacturing personal and protective equipment for both domestic and international markets.
Reporting a 21 per cent drop in revenue to Rs.7 billion for its fourth quarter, Teejay told Daily Mirror Lanka that it was adapting to the changing environments with many of its key retailers and new customers placing orders for masks and overalls.
Net profit for the year was down 30 per cent compared to the previous year to Rs.422 million as customer orders dipped following the outbreak of the coronavirus pandemic.
“With the existing situation, the company commenced a strategy to capture the growing demand for PPE and embarked into the export of commercial orders of PPE such as masks during this period,” the company told the Daily Mirror, adding that it expects further shrinkage in orders with so many retail closures from its major retail customers in the EU and the US.
How, Teejay also said that the demand from existing customers in the supermarket sector and online outlets had seen growth while its customers in Asia continued to see usual levels of demand.
For the full year, revenue was up 5 per cent to Rs.33.3 billion, with net profit up 28 per cent to Rs.2.4 billion.