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Revenue up marginally, gross profits shrink 37 pct
Sri Lankan branded tea exporter HVA Foods Plc saw profits drop sharply in the six months ending September 2011, down almost 82 percent to Rs 5 mn, provisional interim accounts showed.
Earnings per share were Rs 0.09 compared to Rs 0.58 the previous year.
Revenue for the period improved by close to 5 percent from the previous year to Rs 299 mn while the firm’s cost of sales increased 13.7 percent, narrowing gross profits by 37 percent to Rs 30.4 mn.
Distribution expenses climbed 50.26 percent year on year to Rs 11.2 mn and administration expenses grew marginally to Rs 35.4 mn resulting in operating profits of Rs 6.3 mn, down nearly 81 percent from a year back.
HVA Foods, is the listed subsidiary of holding company, HVA Lanka Exports (Pvt) Limited.
The firm which sells ready-to-drink iced tea packs and other value added tea products under the 'Heladiv' brand currently ships 30 to 40 containers of value added tea a month to nearly 35 countries.
'Heladiv' brand, established in 1995 enjoys a strong presence in Russia, CIS and the Far East. The firm recently ventured into China by opening specialty tea parlours.
http://lbr.lk/fullstory.php?nid=201112012141106124
Sri Lankan branded tea exporter HVA Foods Plc saw profits drop sharply in the six months ending September 2011, down almost 82 percent to Rs 5 mn, provisional interim accounts showed.
Earnings per share were Rs 0.09 compared to Rs 0.58 the previous year.
Revenue for the period improved by close to 5 percent from the previous year to Rs 299 mn while the firm’s cost of sales increased 13.7 percent, narrowing gross profits by 37 percent to Rs 30.4 mn.
Distribution expenses climbed 50.26 percent year on year to Rs 11.2 mn and administration expenses grew marginally to Rs 35.4 mn resulting in operating profits of Rs 6.3 mn, down nearly 81 percent from a year back.
HVA Foods, is the listed subsidiary of holding company, HVA Lanka Exports (Pvt) Limited.
The firm which sells ready-to-drink iced tea packs and other value added tea products under the 'Heladiv' brand currently ships 30 to 40 containers of value added tea a month to nearly 35 countries.
'Heladiv' brand, established in 1995 enjoys a strong presence in Russia, CIS and the Far East. The firm recently ventured into China by opening specialty tea parlours.
http://lbr.lk/fullstory.php?nid=201112012141106124
