Madulsima makes Rs 26.4 m profit in 2007
Ramani Kangaraarachchi
Madulsima Plantation Ltd has made a profit of Rs.26.4 million for
2007 after incurring a loss of Rs 31.8 million, the Chairman V.P
Vittachchi told a board meeting held recently.
“There was an increase in the average price of tea in 2007 which
resulted in the increase in revenue. The profits would have been higher
if not for the Go Slow and strike in the latter part of 2006, which led
to the loss of crop during the early part of 2007 and the higher wages
paid with retrospective effect from November 2006 plus the higher cost
of inputs contribute to the negative effect on the overall profit,” the
Chairman said.
He pointed out that EI Teb Estate obtained the highest price at the
Colombo auctions on 29 occasions for its BOF and on 13 occasions for its
Dust 1 and Verellapatna Estate on 10 occasions for its BOFP which had
been a noteworthy performances of estates during the year.
Vittachchi said that prospects for year 2008 appear bright and
promising despite the rising cost of inputs and high production costs.
He stated that historical records of growth measures of the tea
industry , generally depict long periods of stagnant growth interspersed
with a phenomenal spike in an year of exceptional gain , effectively
covering lost ground with much to spare and therefore 2008 may be that
exceptional year.
The weather would play a decisive role in the final outcome , but a
good harvest with enhanced product quality carries the promise of
extraordinary gains.
Singapore Airlines re-locates
Singapore Airlines Colombo will move into a new location at the newly
built Aitken Spence Towers which will be opened in September.
The General Sales Agent for the Airline is Aitken Spence Travels. |
