Sri Lanka Tea Smallholder Factories Dec net up 47-pct
ECONOMYNEXT – Sri Lanka’s Tea Smallholder Factories said net profit rose 47 percent to 13.7 million rupees in the December 2018 quarter from a year ago although it was still in the red for the nine months.
The company, in which John Keells Holdings has a 37.62 percent stake, reported earnings per share of 46 cents for the quarter in which sales fell 27 percent to 481 million rupees. .
Interim results filed with the stock exchange showed that for the nine months to December 2018 it made a loss per share of 50 cents compared with earnings of 1.82 rupees the year before.
In the December quarter, Tea Smallholder Factories, which makes black tea from leaves bought from small farmers, made lower profits in the southern Galle low country district where it has the bulk of sales.
The loss from its factories in the Ratnapura region rose to 12 million rupees while profits rose from its factories in the hill country Nuwara Eliya district.
The other two main shareholders of the firm are Akbar Brothers Limited with 24.39 percent and Central Finance Company with 22.85 percent.