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Nov 15, 2011 (LBO) – Tea bag exporter Ceylon Tea Services said September 2011 quarter net profit fell 65 percent to 104 million rupees from a year ago, with lower sales and foreign exchange losses.
A stock exchange filing by the company, part of the Dilmah brand group, which promotes value-added Ceylon teas in overseas beverage markets, said sales fell 10 percent to 1.4 billion rupees.
Earnings per share of the Ceylon Tea Services group fell to 5.20 rupees from 14.84 rupees over the period.
The firm had a foreign exchange loss of 149 million rupees in the September 2011 quarter compared with a gain of 57 million rupees the year before.
Other income fell 97 percent to two million rupees from 93 million rupees the previous year.
Gross profit from tea bag exports fell to just over a billion rupees from 1.1 billion while that from tea packets rose to 91 million rupees from 88 million rupees, the accounts showed.
The company is one of the largest exporters of tea bags in Sri Lanka and promotes single origin Ceylon teas and also supplies bulk teas to blenders and packers overseas.
The company said a tax holiday it enjoyed ended on March 31, 2011.
Profits from exports of products with minimum domestic value addition of 65 percent and with a Sri Lankan brand name are to be taxed at a concessionary rate of 10 percent, under a new tax law, effective from the 2011/12 financial year, it said.
http://www.lbo.lk/fullstory.php?nid=469798168
A stock exchange filing by the company, part of the Dilmah brand group, which promotes value-added Ceylon teas in overseas beverage markets, said sales fell 10 percent to 1.4 billion rupees.
Earnings per share of the Ceylon Tea Services group fell to 5.20 rupees from 14.84 rupees over the period.
The firm had a foreign exchange loss of 149 million rupees in the September 2011 quarter compared with a gain of 57 million rupees the year before.
Other income fell 97 percent to two million rupees from 93 million rupees the previous year.
Gross profit from tea bag exports fell to just over a billion rupees from 1.1 billion while that from tea packets rose to 91 million rupees from 88 million rupees, the accounts showed.
The company is one of the largest exporters of tea bags in Sri Lanka and promotes single origin Ceylon teas and also supplies bulk teas to blenders and packers overseas.
The company said a tax holiday it enjoyed ended on March 31, 2011.
Profits from exports of products with minimum domestic value addition of 65 percent and with a Sri Lankan brand name are to be taxed at a concessionary rate of 10 percent, under a new tax law, effective from the 2011/12 financial year, it said.
http://www.lbo.lk/fullstory.php?nid=469798168
and the value investing also justify about concentration on the core business)
