Sri Lanka’s Talawakelle Tea March quarter profit down 34-pct

ECONOMYNEXT – Sri Lanka’s Talawakelle Tea Estates said net profit fell 34 percent to 172 million rupees in the March 2019 quarter from a year ago.

Sales rose two percent to 1.1 billion rupees, according to interim accounts filed with the Colombo stock exchange.

March 2019 quarter earnings per share was 7.22 rupees. The share last traded at 44.90 rupees, up 2.3 percent.

In the 12 months to March 2019, EPS fell to 17.05 rupees with net profit down 26 percent to 405 million rupees.

The accounts of the Hayleys group firm, which mostly grows tea, showed annual tea sales dropped slightly in the year with profit also down while losses from rubber widened.

Profits doubled in the firm’s mini hydro power business to 31 million rupees compared from a year ago.

(COLOMBO 9 May 2019-SB)

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