Sri Lanka Maskeliya Plantations reduces loss in September quarter
COLOMBO, Nov 12, 2014 (EconomyNext) – Maskeliya Plantations, a subsidiary of the Richard Pieris Group, said losses fell 37 percent to 76 million rupees in the September 2014 quarter from a year ago.
Sales rose 36 percent to 922 million rupees, according to a stock exchange filing.
The loss per share fell to 1.42 rupees in the quarter from a loss of 2.24 rupees the year before.
Maskeliya Plantations is one of few listed mono-crop regional plantations companies, growing only tea, three-quarters of it in the high grown elevations and the rest in mid-grown areas.
In the six months to September 2014, losses narrowed 74 percent to 52 million rupees.
Sri Lanka’s tea prices have been falling since peaking in the first quarter of 2014 although they recovered slightly in November.
A landslide after heavy rains in late October on one of Maskeliya Plantations’ estates in the Koslanda area killed several workers and family members.