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| Thursday, 3 March 2005 |
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James Finlay recommends dividend for shareholders James Finlay and Co (Colombo) Limited has increased total revenue by 41% to Rs. 2,583 million and profit before tax by 23% to Rs. 306 million. The initiative to de-link the plantations has enabled the Group to focus more intensely on the other businesses and this strategy has worked well. The Directors have recommended a final dividend of Rs. 1.50 per share which, together with the interim dividends declared earlier, amounts to a total dividend of Rs. 3.50 per share (35%) for the year. The amount appropriated to Reserves out of net profit for the Group is Rs. 181 million. 'Our Tea Exports division recorded a sharp increase in the volume of exports by 40%, driven mainly by higher volumes to the Middle Eastern markets. Exports of tea bags and branded retail packs under 1 kg in particular showed a significant increase. The division earned a recorded profit during the year despite the steep increase in tea prices during the year at the Colombo auctions which impacted adversely on margins. Finalys have also continued to retain the leadership position in exports of tea bags to Japan. The Green Tea factory recorded a higher production notwithstanding periodic interruptions and volatility in the supply of green leaf due to the prolonged drought," Chairman R.L. Juriansz said in his statement. 'The non-tea segments of our business which represent more than 40% of total profit, once again delivered encouraging results. The Environmental Services division which has shown consistent improvement in revenue and profit over the past few years, by bringing in new customers and products, was once again the star performer," he told shareholders. |
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