Malwatte Valley profits rise despite gloom in tea sector
View(s):Malwatte Valley, despite the gloom for tea production companies, has reported solid profits for the first half 2013.
The company said that while the April – June quarter was dominated by an inflexible wage hike and escalating costs of power, fertilizer, etc, Malwatte with its innovative management changes achieved the highest prices for its quality teas and made a Rs.109 million profit.
“The gross profit of the tea sector of approximately Rs.100 million must surely surpass any other tea company. It also surpasses our own profit for the same period last year when the crippling wage hike in April 2013 was not effective,” the statement said.
The results to end 2Q 2013 with a profit of Rs.160 million is also amongst the top earnings tea producing firms in the country.
“Based on the very attractive prices now prevailing for Malwatte Teas, including All Time Records, results for the third quarter should also be encouraging subject to cost factors remaining unchanged,” it said.
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