Sri Lanka’s Talawakelle Tea December quarter profit up 16-pct

ECONOMYNEXT – Sri Lanka’s Talawakelle Tea Estates said net profit rose 16 percent to 178 million rupees in the December 2018 quarter from a year ago.

Sales rose 11 percent to 969 million rupees, according to interim accounts filed with the Colombo stock exchange.

December quarter earnings per share were 7.50 rupees. The share last traded at 49 rupees.

In the nine months to December 2018 EPS fell to 9.82 rupees from 12.16 rupees the year before with net profit at 233 million rupees. Sales fell two percent to 2.89 billion rupees.

The accounts of the Hayleys group firm showed that earnings from tea fell slightly while rubber made a loss.

Profits doubled in the firm’s mini hydro power business to 34 million rupees compared from a year ago.
(Colombo/January 19/2019)

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