Sri Lanka’s Bogawantalawa Tea December quarter profitable

EconomyNext – Sri Lanka’s Bogawantalawa Tea Estates made a net profit of 11 million rupees in the December 2014 quarter compared with a loss of 16 million rupees a year ago, according to interim results.

Earnings per share were 13 cents compared with a loss of 19 cents previously. Sales of the firm, which has a marketing subsidiary, BPL Teas, rose 4.9 percent to 931 million rupees in the quarter, a stock exchange filing said.

In the nine months to 31 December 2014, earnings per share were 1.50 rupees against a loss per share of 61 cents the year before with a net profit of 126 million rupees and sales of 2.9 billion rupees.

The firm’s high grown tea estates are in the Bogawantalawa Valley on the western slopes of the Nuwara Eliya district and it is also diversifying into oil palm.