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Sri Lanka Equity Forum » Stock Market News » South Asia Textile Industries kicks off Rs. 1 b expansion program

South Asia Textile Industries kicks off Rs. 1 b expansion program

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
South Asia Textile Industries Lanka has kicked off a highly-ambitious expansion program, having already begun investing what will ultimately be over Rs. 1 billion in total.
The move includes introduction of the latest 5th generation hybrid/nano technology used in state-of-art textile machinery in all its divisions.
The company said these upgrades, comprising high-speed knitting machines from Santoni Italy and Unitex Singapore, would be capable of developing and producing new and innovative knitted fabrics. Additionally, new equipment to be installed includes high-end fully computerised printing machines imported from Stork, in Austria and Holland.
Chief Executive Officer Prithiv Dorai said: “This large-scale expansion will allow South Asia Textiles Industries Lanka to reach a 
completely new dimension in textile manufacturing in Sri Lanka. Not only will it facilitate extensive benefits to local apparel manufacturers in terms of speed and flexibility, it will also result in a greater availability of the latest fabric styles and colours, in keeping with international trends.”
South Asia Textile Industries Lanka has also made a number of other, recent improvements, including the introduction of specialised textile machines from world-famous brands such as Santex, from Switzerland, Tandematic, from USA, Marlo & Corino, from Italy, and Fongs, from China.
At the same time, substantial new investments have also been made in South Asia Textile Industries Lanka’s already state-of-the-art testing lab, gearing it up for the next generation of challenges. With the addition of new, highly sophisticated equipment, the lab continues to maintain its highly-sought-after accreditations by leading global apparel brand names like Marks & Spencer, NEXT, Limited Brands and many, many others.
Further, it is also noteworthy that South Asia Textile Industries Lanka, in keeping with international compliance standards, is nearing the achievement of the highly-respected “Zero Discharge” standard in terms of industrial waste, which is a major part of a commitment for 2020 by global clothing brands as well as the apparel, and related, industries at large.
South Asia Textiles Industries Lanka Director Kenneth Wijesuriya signalled that the financial performance of the company, for the full year ending March 2015, exceeded all expectations with year-on-year growth closing in on 250%. He also added that the company’s growth is expected to increase further in the coming years.
With the new administration of the Government of Sri Lanka, and GSP+ anticipated in the coming months, the textiles and apparel industries are poised for a new decade of growth, offering unmatched products, in terms of range and quality, as well as greater levels of competitiveness, when compared to other countries in the South Asian region.
South Asia Textile Industries Lanka is a subsidiary company of Lanka Century Investments PLC and Ceylon Leather Products PLC.
Courtesy: Daily Financial Times 15 September 

Beta1

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
CLPL own 80% of South Asia Textile Industries Lanka

Beta1

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
South Asia Textile Industries Lanka [PVT] Ltd

The Company made a net profit of Rs 379.4M during the financial year under review compared to the net profit of Rs 109.2M in the previous year. During the financial year CLPL increased its shareholding in South Asia Textiles from 51.55% to 80.39% by subscribing for shares at a Rights Issue. Ceylon Leather Products Distributors [Pvt] Ltd

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