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Sri Lanka Tea Smallholder Factories Sept net up 60-pct

ECONOMYNEXT – Tea Smallholder Factories, which makes black tea from leaves bought from Sri Lankan small farmers, said net profit rose 60% to Rs10.8 million from a year ago

Sales rose 24% to Rs713 million, according to interim accounts filed with the stock exchange.

The company, in which John Keells Holdings has a 37.62 percent stake, reported earnings per share of 36 cents in the September quarter compared with 23 cents the year before.

EPS for the six months to September 2017 was Rs1.51 with net profit up 221% to Rs45 million and sales up 25% to Rs1.3 billion.

The accounts showed Tea Smallholder Factories profits improved sharply in the southern Galle low country district and in the hill country Nuwara Eliya district.

Losses were reduced in southern Matara. In the Ratnapura district its profits grew significantly although being much smaller than in other districts.

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, October 30, 2017)

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