Sri Lanka tea estate export unit in profits

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

Sep 04, 2012 (LBO) – BPL Teas (Pvt) Ltd, a tea marketing unit of Sri Lanka’s Metropolitan group Bogawantalawa Estates Plc, has started making profits, chairman D J Ambani told shareholders. The tea growing parent firm said it lost money in tea with a 365 million rupee loss for the year partly due a steep wage increase and falling prices in the second half of the financial year.

“Besides continuing to service private labels, the company has made steady improvements in selected markets by venturing into establishing our own brand ‘Ceylon Tea Gardens’, through our partners in those markets through superior product quality,” Ambani said.

“It is important to continue to invest in development of infrastructure to improve safety and hygienic conditions at the processing centres in order to sustain these marketing efforts.”

BPL Teas is part of Sri Lanka’s Metropolitan group. The firm is exporting to the USA, Europe and Japan.

In the year to March 2012 the firm made after tax profits of 68.5 million rupees, against a net loss of 23.4 million rupees a year earlier.