Aug 14, 2013 (LBO) – Balangoda Plantations Plc, a tea farming company in Sri Lanka’s Stassen group said profits fell 56 percent to 45.7 million rupees in the June 2013 quarter from a year earlier. Sri Lanka’s tea companies have been facing higher wage costs and from around mid year production disruption due to heavy rain.
The firm reported earnings of 1.94 rupees per share for the quarter. In the six months to June it reported earnings of 3.08 rupees per share on total profits of 72.6 million rupees, down from 92.2 million rupees a year earlier.
The company said revenues fell 4.6 percent to 868 million rupees in the June 2013 quarter from a year earlier and costs rose 6.9 percent to 799 million rupees, shrinking gross profits 57 percent to 69.4 million rupees.
Management fee reduced to 15.1 million rupees in the quarter from 57.6 million rupees.