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Article: SRI LANKAN EXPORTER CEYLON TEA'S PROFITS HALVE, DEMAND DOWN.(Financial report)
- Article from:
- AsiaPulse News
- Article date:
- September 2, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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COLOMBO, Sept 2 Asia Pulse - Sri Lanka's Ceylon Tea Services, which exports value-added teas under the Dilmah brand, said net profit halved last year and sales are likely to remain poor this year owing to recession.
Group net profit in the year ended March 31, 2009 fell 55 per cent to 487 million rupees from a year ago while sales rose 1.8 per cent to 4.4 billion rupees (US$38.3 million), the company said in a stock exchange filing.
Earnings per share fell to 24.36 rupees from 53.74 over the period.
Ceylon Tea Services chairman Merrill Fernando attributed the fall in profit to currency fluctuations in its key Australian market and lower demand ...