ECONOMYNEXT – Loses at Sri Lanka’s Agalawatte Plantations Plc widened in the June 2016 quarter, with the tea business continuing in the red and lower earnings from oil palm.
The plantation company, whose controversial sale by Mackwoods to Browns is in dispute, reported a loss of Rs166 million in the quarter, up 84 percent from a year ago.
June 2016 quarter sales fell 43 percent to Rs245 million during the period, according to a stock exchange filing.
Agalawatte Plantations’ loss came despite a sharp rise in other income, with finance costs having tripled, the accounts showed.
The firm’s loss per share was Rs6.63 in the June 2016 quarter, up from Rs3.60 the year before.
In the six months to June 2016, the loss per share was Rs7.45, with sales down to Rs698 million.
(COLOMBO, August 23, 2016)