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James Finlay and Co. (Colombo) Limited Group improved its financial performance for the year ended December 31, 2002 over the previous year, helped by a noteworthy contribution from the non-plantation activities, its Chairman, R. L. Juriansz said in the annual report.

The Group turnover amounted to Rs. 3.9 billion, a 3% 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% increase.

The plantation sector was adversely affected by the substantial wage increase, which came into effect from July 1, 2002 which cost the Group Rs. 66 million, including the increase of retiring gratuity. The impact of the wage increase would have been even more severe, if not for the better prices realised and the increase in tea production of the two plantation companies, he said.

The Tea Exports sector achieved a satisfactory performance, with our strategy of concentrating on value added exports, continuing to achieve good results. The performance is more creditable because the volume of exports declined by over 1 million kgs. when compared to 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.

The Non-Tea Businesses 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 5% which together with the interim dividend of 5% paid in December last year, makes a total dividend of 10% for the year.

The annual general meeting will be held on May 9 at 10.00 a.m. at Finlay House.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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