ECONOMYNEXT – Sri Lanka’s Kelani Valley Plantations sank even further into the red in the September 2016 quarter with losses rising 90% to Rs168 from a year ago, according to interim accounts filed with the stock exchange.
Group sales of the firm, part of the Hayleys conglomerate, rose two percent to Rs1.5 billion but costs rose even more, including sharply higher finance costs.
The accounts showed lower sales in tea and rubber as the firm suffered from dry weather and the continuing commodities slump.
Kelani Valley Plantations reported a loss per share of Rs4.94 compared with a loss of Rs2.60 a year ago.
The tea business made a loss compared to a profit the year before while rubber profits were sharply lower.
The firm has three subsidiaries – Kalupahana Power Company (Private) Limited, Kelani Valley Instant Tea (Private) Limited and Mabroc Teas (Private) Limited.
(COLOMBO, October 26, 2016)