Sri Lanka Horana Plantations lose Rs13mn in June Q

Aug 15, 2010 (LBO) – Sri Lanka’s Horana Plantations, a unit of the Ceylon Theatres group said it lost 13.3 million rupees in the June 2011 quarter despite higher revenues after a wage hike. The firm, which mainly grows tea said revenues rose 12.9 percent to 492 million rupees and costs also rose 13 percent to 482 million rupees. It also lost 13 million rupees in the June 2010 quarter.

Sri Lanka’s plantations companies signed a wage on June 6, with a wage increase effective from April. Horana Plantations said 32.1 million rupees in wage areas had been charge to the accounts during the quarter. Out of and additional liability for gratuity of 50.5 million rupees 5 million rupees had been charge for June and another 45.4 million will be charged from July 2011 to March 2012.