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Sri Lanka Tea Smallholder Factories loss narrows in Sept quarter

ECONOMYNEXT – Tea Smallholder Factories, which makes black tea from leaves bought from Sri Lankan small farmers, said losses narrowed to 20.4 million rupees in the September 2019 quarter from 31.8 million rupees a year ago.

Quarterly sales rose six percent 543 million rupees, according to interim accounts filed with the stock exchange.

The company, in which John Keells Holdings has a 37.62 percent stake, reported a loss per share of 18 cents in the September quarter from continuing operations and 50 cents from discontinued operations.

Tea Smallholder Factories had sold its Pasgoda Tea Factory for 75 million rupees in May 2019, with the asset was excluded from the results of continuing operations and presented as a single amount as profit after tax from discontinued operations.

The accounts showed Tea Smallholder Factories made profits from factories in the southern Galle low country district and in the hill country Nuwara Eliya district but losses from this in the Ratnapura 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.
(COLOMBO, 25 October 2019)