Malwatte achieves record performance

Malwatte Valley Plantations Plc has achieved a record turnover of Rs 2.2 Billion according to its unaudited Provisional Financial Statement for the year ended December 31, 2007. 29% more than the previous year.

The operational profit has risen by 80 per cent from Rs 287 Mn to Rs. 540 mn. compared to the previous year.

Nett profit for the period increased to Rs 400 Mn as against Rs. 281 Mn in the previous year. The earnings per share is Rs 17.84 which is among the highest of all plantation Companies.

This has increased from Rs 10.84 compared to the corresponding period last year. These results have been achieved inspite of approximately Rs 100 Mn additional cost incurred by the Company during November and December 2007 for the gratuity and wage increase impact brought into effect in November last year.

The increases in costs in fuel, electricity and fertiliser have also cost the company a considerable amount during the period under review and the profit achieved inspite of these increases achieves greater significance.