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| Sunday, 22 May 2005 |
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Watawala Plantations post-tax profit grows 303% to Rs 161.8 million Watawala Plantations, manufacturer and marketer of 'Zesta' one of the top value-added brands of tea in the country, has reported excellent growth in financial indicators for the year ended March 31, 2005 on the back of strong growth of revenue from exports. In results released this week, the company which has been adjudged one of the first three players in the retail tea business by a premier internation market survey company, has reported a pre-tax profit of Rs 166.78 million, a huge increase of 316 per cent over the previous year. Post-tax profit at Rs 161.8 million reflected a growth of 303 per cent. The total turnover for the financial year was a record Rs 2.72 billion, up 22 per cent from Rs 2.23 billion earned last year. Turnover from exports rose to Rs 689 million, which was a quarter of the total turnover. Profit after tax from exports was Rs 130.95 million. The total turnover from tea, excluding exports rose to Rs 1.67 billion from Rs 1.31 billion last year, an increase of 27 per cent. This was directly as a result of higher production volumes and an impressive increase in the company's Net Selling Average 22 per cent to Rs 182.48 per kilogramme, the company said. In his review, the Chairman of Watawala Plantations G. Sathasivam said that the company's relentless pursuit of quality had yielded rich dividends. He said that the company had also initiated action to increase its existing hectorage of low grown tea by 5 per cent to enhance the contribution of "own leaf" to revenue. The total net assets of the company grew by Rs 112.52 million or 15.4 per cent to Rs 839.79 million. The net asset value per share rose to Rs 35.48 per share as against Rs 30.7 per share last year. |
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