Sri Lanka Watawala Plantations June net up 290-pct

Minister appoints Dr Swaminathan to IPACSL as Chairperson

Aug 06, 2010 9LBO) – Sri Lanka’s Watawala Plantations’ June 2010 quarter net profit shot up 290 percent to 146 million rupees from a year ago, a stock exchange filing said.

Watawala Marketing’s sales rose 14 percent to 313 million rupees in the June 2010 quarter from the year before as its main brands ˜Zesta™ and ˜Watawala Kahata™ continued to expand their market share, Govindasamy said. Sales rose 26 percent to 1.4 billion rupees while the group’s other operating income shot up 209 percent to 93 million rupees.

Group profit includes an extraordinary gain of 72 million rupees from the transfer of the assets of its Fast Moving Consumer Goods (FMCG) business now handled by a fully owned subsidiary, Watawala Marketing.

Earnings per share rose to 6.18 rupees from 1.58 rupees the previous year.

Watawala Plantations, a unit of India’s Tata group, produces tea, rubber, and palm oil and is also into local retail marketing and exports of branded teas.

A segmental analysis of the company business showed its tea and rubber sectors made losses in the June quarter compared with last year while palm oil generated a profit of 72 million rupees, up from 45 m