Sri Lanka Kelani Valley profit down

Feb 21, 2009 (LBO) - Sri Lanka's Kelani Valley Plantations said net profit fell 33.
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5 percent to 276 million rupees in the 2008 financial year mainly owing to the collapse of tea and rubber prices in the final quarter.
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Sales grew 10 percent to 3,109 million rupees in the year ending December 31, 2008, the company, part of the Hayleys conglomerate, said in a Colombo Stock Exchange filing.

Hayleys Group chairman N G Wickremeratne said KVPL would have ended 2008 with a far more attractive bottom line if not for the highly detrimental impact of the global financial collapse on commodity trading.

"The year under review commenced on a promising note and, apart from minor seasonal fluctuations, tea prices maintained healthy levels with prices overall being considerably higher than 2007, till the end of the third quarter," he said.
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"October saw a complete reversal with sale averages declining to a two-year low and an accumulation of a large proportion of unsold catalogued volumes by end-November.

"This coupled with a similar downturn in rubber prices severely eroded profit margins," Wickremeratne said.

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Sales growth was derived from both tea and rubber, which recorded increases of 13 percent and three

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