Sri Lanka’s Talawakelle Tea Estates records 16 percent increase in net profit to Rs. 178 million in 2018 December quarter
The Talawakelle Tea Estates company of Sri Lanka has stated that its net profit has increased 16 percent to Rs. 178 million in the December 2018 quarter from a year ago.
An interim accounts document filed with the Colombo Stock Exchange has reportedly stated that sales have increased 11 percent to Rs. 969 million.
December quarter earnings per share had been Rs. 7.50. The share had last traded at Rs. 49.
In the nine months to December 2018 EPS had fallen to Rs. 9.82 from Rs. 12.16 the year before with net profit at Rs. 233 million.
Meanwhile, the accounts of the Hayleys Group firm had shown that earnings from tea had fallen slightly while rubber had made a loss.
OSL take:
The increase in net profits recorded by Talawakelle Tea Estates for the last quarter in 2018 when compared to the previous year is a positive indication of Sri Lanka’s tea industry that is on a gradual growth path. Tea Smallholder Factories also announced recently that its net profits for the last quarter in 2018 had recorded an increase from the figures of 2017. The Sri Lankan government is also engaged in measures to develop the country’s tea industry. The industry is also looking at introducing new technologies. Therefore, foreign businesses could explore business opportunities in Sri Lanka’s tea industry by introducing new technologies to uplift the industry. Also, foreign businesses/investors could explore the possibility of forming joint ventures with local companies and engaging in the tea industry.
| Article Code : | VBS/AT/23012019/Z_2 |