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| Sunday, 13 April 2003 |
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Business |  |
| News Business Features Editorial
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James Finlay results improve A noteworthy contribution from non-plantation activities helped the James Finlay Group improve its performance over the previous year, despite a further downturn in the results of the plantation sector, Chairman R. L. Juriansz said. Group turnover amounted to Rs. 3.9 billion, a three per cent increase when compared to the previous year. Group profit amounted to Rs. 84.2 million, after tax, minority interest and the amortisation of goodwill, compared to a profit of Rs. 37.8 million in the previous year, a 123 per cent increase, he added. The plantation sector was adversely affected by the substantial wage increase which came into effect on July 1, 2002, which cost the Group Rs. 66 million, including the topping up of retiring gratuity. The tea exports sector achieved a satisfactory performance, with the company's strategy of concentrating on value added exports continuing to achieve good results. "The performance is all the more creditable because the volume of exports declined by over one million kilograms the previous year, consequent to one of our biggest markets, Iraq, being inactive during the second half of the year. Green tea exports increased mainly in the value added consumer packs area. In warehousing income and profitability were flat, although towards the end of the year, an additional plantation company commenced warehousing with us and should begin contributing to profitability in the current year," he said. The non-tea business turned in another good performance with the environmental services, airline and insurance divisions recording further growth in profitability. The directors have proposed a final dividend of five per cent, which, together with the interim dividend of five per cent paid in December last year, makes a total dividend of 10 per cent for the year. The company's Annual General Meeting will take place on May 9 at Finlay House. |
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