Sri Lankaâ€™s Balangoda Plantations makes Rs76mn June quarter loss
ECONOMYNEXT – Sri Lanka’s Balangoda Plantations reported a loss in the June 2015 quarter as the firm which grows tea and rubber was affected by the continuing slump in global commodity prices.
The firm made a loss of 76 million rupees in the June 2015 quarter compared with a net profit of 57 million rupees a year ago, a stock exchange filing said.
Sales of the firm, controlled by Harry Jayawardena’s Melstacorp Limited, fell 23 percent to 732 million rupees from the year before.
Balangoda Plantations reported a loss per share of 3.20 rupees in the June 2015 quarter compared with earnings of 2.42 rupees the previous year.
Revenue from both tea and rubber fell during the June 2015 quarter, the accounts showed.
In the tea business, a gross profit of 103 million rupees in the June 2014 quarter turned to a loss of 149 million rupees in June 2015 while losses in the rubber segment remained around 333 million rupees. (Colombo/August 10 2015)