May 08, 2014 (LBO) – Profits at Sri Lanka’s Talawakelle Plantations Plc, fell 60 percent to 34 million rupees in the March 2014 quarter from a year earlier as margins on tea estates declined and hydro power revenues fell, interim accounts showed. The group reported earnings of 1.44 rupees per share for the quarter.
Revenues rose 2 percent to 1.0 billion rupees in the March quarter from a year earlier and cost of sales rose at a faster 11 percent to 899 million rupees sending gross profits plunging 40 percent to 105 million rupees.
Finance expenses were flat at 25 million rupees.
Revenues from tea rose to 984 million rupees from 943 million rupees but gross profits fell to 105 million rupees from 153 million a year earlier.
Rubber revenues fell to 10 million rupees from 11.9 million generating a loss of 2.0 million rupees.
Revenues from a mini-hydro power plant fell to 4.8 million rupees in the quarter from 23.6 million rupees generating a loss of 3.7 million rupees.
Sri Lanka has seen drought conditions in many parts of the country from the second quarter of 2013.
Corrected – profits down 60-pct