ECONOMYNEXT – Sri Lanka’s Talawakelle Tea Estates said net profit almost doubled to Rs153.6 million in the December 2017 quarter from a year ago helped by higher tea prices.
The 97% rise in quarterly profit was on the back of a 10% rise in sales to Rs876 million, according to interim accounts filed with the Colombo stock exchange.
December quarter earnings per share were Rs6.47 compared with Rs3.27 a year ago.
In the nine months to December 2017, EPS was Rs12.16 with net profit at Rs289 million compared with a loss of Rs44 million the year before while sales were up 13% to Rs2.9 billion.
The accounts showed that while tea sales were up sharply rubber revenue was down and revenue from mini hydro power was also down.
Profits from tea during the nine month period rose sharply to Rs415 million from Rs56 million while losses from rubber were Rs11 million, about the same as the year before.
Profits from mini hydro fell to Rs14 million from Rs38 million over the period.
(COLOMBO, February 01, 2018)