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Talawakelle Tea Estates reports net loss of Rs 73.8 million for 2011



Talawakelle tea estate

Talawakelle Tea Estates PLC (TTE) and its subsidiaries have reported consolidated turnover of Rs 2.79 billion and a net loss of Rs 73.8 million for the year ending December 31, 2011, a period described by the company as ‘most challenging.’

A 28 percent increase in the cost of wages from April 2011, which translated to an additional cost of Rs 244.8 million for wages and related gratuity provisions combined with unsettled conditions in key international tea markets contributed to these results.

At company level, net profit declined from Rs 135 million in 2010 to a loss of Rs 99.2 million, according to TTE’s income statement filed with the Colombo Stock Exchange.

The hydro power sector generated a net profit of Rs 25.4 million for the Group, enabling it to reduce consolidated loss after tax. The company incurred capital expenditure of Rs 170.2 million including Rs 11.1 million on worker welfare, housing, water and sanitation in the year reviewed.

Talawakelle Tea Estates was ranked No.1 at the Colombo Tea Auctions for prices amongst the Regional Plantation Companies for the eighth and fifth year in succession for high and low grown elevations respectively. The average tea price registered by the Company was well above the national averages.

 

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