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Sri Lanka’s Hatton Plantations profits down 46-pct

ECONOMYNEXT- Profits at Sri Lanka’s Hatton Plantations, a tea farming company fell 46 percent from a year earlier to 46 million rupees amid rise in costs, interim accounts showed.

Hatton Plantations have reported earnings of 19 cents per share. During the nine months to December the company reported losses of 40 cents per share on total profits of 93 million rupees.

The stock last traded at 6.10 rupees.

During the December quarter grew 13 percent to 1.05 billion rupees from a year earlier, cost of sales grew 29 percent to 996 million rupees shrinking gross profits 64 percent to 56.8 million rupees.

Finance costs were down 33 percent to 13.9 million rupees.

Some plantations had seen heavy rains in December, which reduces output as workers find it difficult to work on steep slopes according to industry officials.

Firms may also be forced to use more fertilizer and weeding.

Meanwhile Sri Lanka’s cabinet of ministers had ordered that wages be raised to 1,000 rupees a day from March, before a two year collective agreement signed with labour unions for a 700 a day wage ended. (Colombo/Feb11/2020)

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