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