Wednesday, August 24, 2011

Ceylon Tea Brokers ups profitability

Ceylon Tea Brokers PLC has recorded improved performance as a public listed company for the financial year 2010 and 11.

The company recorded Rs 275.77 million income for 2011 as against Rs 214.55 million for the previous year.

The company was able to posted Rs 34.57 million operating profit for the year despite increase in the operating expense from Rs 175.91 million to Rs 219.09 million. Profit for the year was Rs 56.69 million.

Ceylon Tea Brokers records total assets of Rs 787.11 up from Rs 610.05 million last year. The shareholder fund grew from Rs 159.03 million to Rs 176.51 million for the 2010/11 financial year.

"This is the first complete year been a public listed company in March 2010 and the improved performance is an encouragement for a 'stand alone' tea company. The company has 12.5 percent share in the low grown category which has more representations by private tea factories. We intend to have better representations in future, Ceylon Tea Brokers PLC Chairman Chrisantha Perera said.

A significant aspect of the tea industry's performance in 2010 is that all time records were established in terms of tea production, auction averages and tea exports, he said.

"Our company intends to develop on core competencies such as integrated businesses and professional expertise rather than diversifying into any other businesses at present. Finance is one critical area that a Tea Broking Company must increasingly get involved with.

This has become even more important with the development of individual proprietary factory owners," Perera said. (SJ)

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