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| Sunday, 3 July 2005 |
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News Business Features
Editorial
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Balangoda Plantations posts Rs. 89 m profit after tax Balangoda Plantations Ltd. (BPL), the company which is engaged in the cultivation and processing of tea and rubber, for the year 2004 shows a revenue of Rs 1.6 billion, and a profit after tax of Rs 89 million. A dividend of 15 percent amounting to Rs 35.45 million has been recommended. In 2003, BPL recorded a revenue of Rs 1.4 billion, a profit of Rs 20.99 million and no dividend was paid. BPL's profit before tax for 2004 was Rs 318.76 million. The company's estates are in the districts of Badulla, Balangoda and Ratnapura. BPL is managed by Stassen Exports Ltd since 1996. The company's tea sector shows a production of 9.4 million kilos, in comparison to 10 million kilos in 2003. COP for 2004 was Rs 157.73 per kilo, and profit of Rs 3.18 per kilo. In 2003 the profit per kilo was Rs 133.43 and a loss per kilo of Rs 5.10. The COP for rubber for 2004 was Rs 118.07 per kilo and for 2003, Rs 92.38 per kilo, chairman Dr V P Vittachi has told shareholders. The profit for a kilo of rubber for 2004 was Rs 13.02 and for 2003, Rs 19.76 per kilo. Rubber prices increased substantially during the year resulting in a much better turnover and profit, in spite of the increase in the cost of production. Top prices for tea were obtained on 256 occasions for various grades of tea at the Colombo auctions. Likewise, different grades of rubber obtained top prices on 35 occasions during the year, chairman Vittachi said. The company's 12th AGM will take place on July 20. (EL) |
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