Sri Lanka tea estate lose Rs28mn in Dec quarter

Feb 09, 2012 (LBO) – Sri Lanka’s Bogawantalawa Tea Estates Plc said it lost 28 million rupees in the December 2011 quarter from a profit of 69 million rupees a year earlier as margins turned negative. The firm reported a loss of 34 cents for the quarter. In the nine months to December it lost 2.39 rupees per share on total losses of 199.8 million rupees.

Bogawantalawa Tea Estates said group revenues fell 18 percent to 739 million rupees in the quarter from a year earlier and cost of sales fell at a slower 4 percent to 767 million rupees.

The firm lost 27 million rupees in the quarter compared to a 98 million rupee gross profit a year earlier.

The group reported unspecified other income of 26 million rupees down from 63 million rupees.

Its cashflow statement showed 33 million rupees in ‘fair value’ profit for the nine months.

In the nine months Bogawantalawa’s tea production lost 229 million rupees on sales of 1.79 billion rupees. Rubber made profits of 690,000 rupees on sales of 8.8 million rupees.

Tea prices, especially those produced at higher elevations have been weak, and the labour intensive process was also hit by a wage hike in early 20