FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post
STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post




Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer

Latest topics

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by Hope123 Today at 5:22 am

» Losing GSP+: Petty political revenge or Sri Lanka's economy?
by soileconomy Today at 5:09 am

» A penny share that might work out in near future
by madukp Today at 3:48 am

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by Hairoos Yesterday at 10:06 pm

» Daily Foreign Transactions
by Pradeep90 Yesterday at 9:06 pm

» PANASIAN POWER PLC (PAP.N0000)
by Good bad Yesterday at 8:29 pm

» Directors' Dealings 14/06/2021
by SAGA Yesterday at 6:59 pm

» TOP 10 Dividend Stocks
by lakmin Yesterday at 5:56 pm

» LANKA ALUMINIUM INDUSTRIES PLC (LALU.N0000)
by Captain Yesterday at 5:37 pm

» Top Foreign Trading today - 14/06/2021
by SAGA Yesterday at 5:19 pm

» LANKA IOC PLC (LIOC.N0000)
by Pradeep90 Yesterday at 3:37 pm

» HATTON NATIONAL BANK PLC
by Eranx Yesterday at 12:24 pm

» ජිනීවා චන්දෙන් පසු හෙට මොකක් වෙයි ද ?
by samaritan Yesterday at 12:22 pm

» BUKI price comeing down
by Zahara khan Yesterday at 10:36 am

» B P P L HOLDINGS PLC (BPPL.N0000)
by arunaupendra Yesterday at 9:21 am

» Understanding inflation and share prices.
by dayandacool Yesterday at 6:53 am

» Stocks rose across Asian Markets after China & US agree to push forward trade, investment ties
by Wickyz Yesterday at 1:51 am

» Adani's entry followed by Indian CEOs discussion with Minister ANC
by Wickyz Yesterday at 1:30 am

» E B CREASY & COMPANY PLC (EBCR.N0000)
by Saman12 Yesterday at 12:08 am

» CEYLON TEA BROKERS PLC (CTBL.N0000)
by SAGA Sun Jun 13, 2021 2:19 pm

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute


Submit Post

CHRONICLE ANALYTICS
All Share Index (ASI), S&P, Milanka Price Index (MPI), Moving Averages and all other analytical graphs and charts

Contribute

Twitter Feeds

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Bad weather and wage increase bites Udapussellawa

Bad weather and wage increase bites Udapussellawa

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Highest ever Rs. 199 mn. loss

Udapussellawa Plantations PLC, a James Finlay company, has posted a substantial loss of Rs.199.1 million, the highest ever, in the year ended December 31, 2011, down from a profit of Rs.138.9 million the previous year, according to the company’s recently released annual report.

This was the first loss posted by the company since 2005. In 2006 a string of loss making years ended with a modest earning of Rs.2.6 million after-tax.

Udapussellawa Chairman, N.K.H. Ratwatte has told shareholders that the tea industry is currently going through one of its most difficult periods with the average sale price of tea continuously under pressure to keep pace with the escalating cost of production.

The year under review however saw the average sale price of tea inadequate to meet rising cost of production resulting mainly from crop shortfall due to erratic weather conditions and the unprecedented increase in the daily wage of workers.

The wage increase cost the company an added Rs.194 million during the year with the massive wage hike creating serious concerns about the future viability of the plantation industry.

"With Sri Lanka’s cost of production being substantially higher than that of its competitors, it is imperative that the wage is linked to productivity to enable our industry to be globally competitive and ensure the long-term viability and sustainability of the plantation industry," Ratwatte said.

Financial burdens created by the drop in revenue and the shortfall of working capital during the year had compelled the cut back of tea replanting in the Nuwara Eliya District, Ratwatte said. However, the timber, rubber and minor crop programs had continued with an investment of Rs.21 million.

The company’s CEO, Dhayan Madawala, said the year had seen unprecedented rainfall in January and February where four times the usual precipitation was averaged. Thereafter dry weather continues to prevail for long periods with an adverse impact on production during the year.

"Due to the tea sector going through a tough period, a decision was taken to curtail our planting program for the year, and it was mainly the maintenance of the existing new plantings that was undertaken," Madawala said.

With total production of tea down to 3.7 million kg, the cost of production had reached dizzy heights with the estate COP being Rs.362.34 per kilo which was somewhat reduced by the intake of out-grower leaf which brought down the overall cost to Rs.341.74 for the year.

During the year they had planted only seven hectares of fuelwood as the company does not have much bare land for planting. But they were embarking on planting minor crops such as cinnamon, pepper and cocoa in small extents so that they will have a wider mix of crops to sustain their business going forward.

"In the meantime we have also generated much needed revenue by disposing of the mature timber trees where we generated a sum of Rs.11 million during the year," he said.

Udapussellawa which has a stated capital of Rs.340 million carried a revaluation reserve of Rs.242.3 million and a general reserve of Rs.108.5 million. Accumulated losses were running at Rs.435.5 million.

Total assets ran at Rs.1.48 billion, non-current liabilities at Rs.845.6 million and current liabilities at Rs.377.4 million.

James Finlay Plantation Holdings (Lanka) Ltd with 57.78% and James Finlay with 19.02% are the major shareholders of the company which had over 11,800 shareholders, majority of whom own less than thousand shares each.

Net assets per share were down to Rs.13.17 from Rs.23.43 the previous year and the company’s share traded at a high of Rs.43.30 and a low of Rs.27 during the year. This compared with a trading range of Rs.63 to Rs.26 the previous year.

The directors of the company are: Messrs. N.K.H. Ratwatte, C.L.K.P. Jayasuriya, E.R. Croos Moraes, R.J. Mathison, P.R. Henson, J. Molligoda, J.M. Swaminathan, M. Vamadevan, D.H. Madawala and R.A.D.R. Ramanayake.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=56204

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum