|
|
 |
 |
| Sunday, 9 November 2003 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Tess Agro plans expansion Tess Agro Ltd (TAL), a company engaged in the export of agricultural produce and marine products from Sri Lanka recorded a turnover of Rs. 711 million with a net profit of Rs. 48.5 million as opposed to a net profit of Rs 45.5 million before interest in the preceding year. The company's net profit increased by 200 per cent while the Group net profit increased by 33 per cent for the year ended March 31, 2003. The group turnover for the six months ended September 30, 2003 was Rs. 203 million and the profit recorded was Rs. 18.7 million showing a marginal increase of 10 per cent from the corresponding period last year. However, this is due to the seasonal nature of the fish catch. The profits are expected to increase during the preceding six months of the year. The Group assets grew by 17 per cent from 216 million in 2003 to Rs. 253 million by the end of September 2003. The Net Assets per share as at September 30 stands at 20.81 per share. Tess Agro is the largest exporter of 'agricultural produce' from Sri Lanka to the European markets and is among the 10 largest perishable exporters from Sri Lanka to the world market. It is the first cold chain operator in the country and enjoys BOI status and a 15- year tax holiday of which seven years is yet to be utilized. The company is Planning to expand its cold storage warehousing to a new complex in a one-acre property in the suburbs of Colombo which will enable them to offer a comprehensive service to its growing customer base. This new facility will have additional 100,000 cubic feet of cold storage space, with pre-cooling and blast freezing facilities and material handling equipment to carry out a complete operation from unloading or loading refrigerated containers, plug-in facilities for trucks with goods on transit and computerised inventory management. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
