Sri Lanka’s Agalawatte Plantations losses soar

COLOMBO (EconomyNext) – Losses at Sri Lanka’s Agalawatte Plantations widened to 271 million rupees in the March 2015 quarter from a loss of 58 million a year ago as the firm was hit by the commodity price slump.

Sales of the firm, owned by the Mackwoods Group, fell percent to 527 million rupees over the period, a stock exchange filing said. The loss per share was 10.85 rupees.

The firm’s tea business suffered a loss of 91 million rupees compared with a profit of 14 million rupees the year before while the loss in rubber was almost 100 million rupees compared with a profit of 29 million rupees previously.

Oil palm was the only major crop that proved profitable, yielding a gross profit of 26 million rupees, up from 19 million rupees the year before.

Gross profit from other crops remained at around 10 million rupees.

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