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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Talawakelle Plantations, Sri Lanka March net down 60-pct

Talawakelle Plantations, Sri Lanka March net down 60-pct

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Jayashantha

Jayashantha
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Profits at Sri Lanka's Talawakelle Plantations Plc, fell 60 percent to 34 million rupees in the March 2014 quarter from a year earlier as margins on tea estates declined and hydro power revenues fell, interim accounts showed.

The group reported earnings of 1.44 rupees per share for the quarter.

Revenues rose 2 percent to 1.0 billion rupees in the March quarter from a year earlier and cost of sales rose at a faster 11 percent to 899 million rupees sending gross profits plunging 40 percent to 105 million rupees.

Finance expenses were flat at 25 million rupees.

Revenues from tea rose to 984 million rupees from 943 million rupees but gross profits fell to 105 million rupees from 153 million a year earlier.

http://www.lankabusinessonline.com/news/talawakelle-plantations,-sri-lanka-march-net-down-60-pct/1054746252

VALUEPICK

VALUEPICK
Expert
Expert
Yes it is down only for this quarter not for not for all year. Tea Output was down in the first quarter. Coming quarter should be better than quarter ending March 2014. Tea output is improving and tea prices also buoyant when compare with last year. These tea companies have mid and long term plans such as generating hydro power, harvesting timber and agric crop etc. In addition global consumers are not going to stop drinking tea and they will continue it for the next two decades. Tea is cheaper than coffee. It is expected that tea prices may go up more than cofee due to health benefits in the mid and long term. Unlike trading companies plantation companies have valuable assets such as land and tree.

VALUEPICK

VALUEPICK
Expert
Expert
We missed some of the quality UVA and western high grown tea seasons during last couple of years. This time it is going to be different. Currently we are seeing an improvement in the UVA seasonal quality. There is a good demand for high quality high grown tea now. Prices are appreciating accordingly. We can reasonably expect better Uva and Western high seasons this time. Now plantation companies exposure to more tea are having better profit margins than companies’ exposure to more rubber. High quality high grown tea companies will be winners in the future.

VALUEPICK

VALUEPICK
Expert
Expert
JOHN kEEL TEA MARKET REPORT : SALE NO: 30 - 05TH / 06TH AUGUST 2014

Sri Lankan Tea Average for the month of July 2014 at Rs.457.39 is a positive variance of Rs.40.87 compared to the average of Rs.416.82 for the corresponding month in 2013. All elevations have recorded higher averages in comparison to 2013. Despite the poor demand for the CTC’s in the High and Medium elevations, the averages recorded in the month of July are still above the previous year. The to-date (Jan-July) Tea Averages too have record significant increases when compared to the same period in 2013. The overall average at Rs.473.86 is an increase of Rs.52.08 over last year.


Today’s 1.0 Mkgs of Ex Estate teas on offer met with improved demand, particularly for the better teas on offer. From the Western sector BOPs with some colour and brightness were keenly sort after by most exporters due to limited availability on offer. The Good Western BOPFs continued to sell well following special inquiry. In the below best category the market was sluggish at the start, but picked up towards the end of the sale. The upward movement could be attributed to the strong demand from Russia and the tea bag sector.

A few bright Nuwara Eliya’s sold well on special inquiry, others remained firm. The bright seasonal Uva’s continued to sell well with higher prices over the previous week on account of improved quality. It is expected that prices will move up further in the weeks to come with better flavoury invoices up for sale.

The Low Grown CTC’s sold well, whilst the High and Medium types continued to be neglected on account of poor quality. A handful of improved invoices however, attracted better prices on airmail bids.

The 3.6 Mkgs of Low Growns that came under the hammer this week, met with lower demand. Prices for most grades in the leafy/tippy category declined, as the sale progressed. The volatile situation in Libya and Iraq restricted most buyers from operating for these markets. The uncertainty in Ukraine too prevented buyers purchasing teas. Syrian buyers too have experienced delays in receiving payments. Hence, the less demand coupled with lower prices this week.

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