KVPL reports PBT of Rs 545 million despite losses in tea
Kelani Valley Plantations PLC (KVPL) posted strong top and bottom line growth in the 12 months ending 31 December 2011.
Releasing its fourth quarter figures to the Colombo Stock Exchange, the Hayleys Group Plantation company reported profit before tax of Rs 544.6 million despite registering a loss in tea, achieving a growth of 53 per cent over 2010. Net profit for the period was up 42 per cent to Rs 463 million, while revenue grew 57 per cent to Rs 6.1 billion due to consolidation of Mabroc Teas (Pvt) Ltd.
Hayleys MGT proposes Rs 914 million Rights Issue
Hayleys MGT Knitting Mills PLC, fabric supplier in Sri Lanka, has announced plans to float a rights issue to raise Rs 914 million for expansion and to strengthen the company’s balance sheet, subject to Colombo Stock Exchange (CSE) and shareholder approval.
Talawakelle Tea Estates reports net loss of Rs 73.8 million for 2011
Talawakelle Tea Estates PLC (TTE) and its subsidiaries have reported consolidated turnover of Rs 2.79 billion and a net loss of Rs 73.8 million for the year ending 31st December 2011, a period described by the company as ‘most challenging.’
A 28 per cent increase in the cost of wages from April 2011, which translated to an additional cost of Rs 244.8 million for wages and related gratuity provisions combined with unsettled conditions in key international tea markets contributed to these results.
