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Watawala Plantations PLC (CSE: WATA) reported revenue of LKR6.2bn for the year ended 31 March 2014 (FY14), up 14.9% YoY. Net profit declined
to LKR434m for FY14, from LKR725m recorded in the previous year.
The overall decline in YoY PAT is mainly attributed to the 20.0% YoY wage hike which came into effect from April 2013, which increased the cost
of production across all crops. Other income also contracted in FY14 to LKR90m, down 35.7% YoY.
4QFY14 revenue stood at LKR1.7bn, up 35.2% over the same quarter last year. PAT declined 9.3% YoY to stand at LKR123m. The growth in revenue
for 4QFY14 came on the back of higher volumes for both palm oil (+7.2% YoY), and tea (+2.3% YoY).
to LKR434m for FY14, from LKR725m recorded in the previous year.
The overall decline in YoY PAT is mainly attributed to the 20.0% YoY wage hike which came into effect from April 2013, which increased the cost
of production across all crops. Other income also contracted in FY14 to LKR90m, down 35.7% YoY.
4QFY14 revenue stood at LKR1.7bn, up 35.2% over the same quarter last year. PAT declined 9.3% YoY to stand at LKR123m. The growth in revenue
for 4QFY14 came on the back of higher volumes for both palm oil (+7.2% YoY), and tea (+2.3% YoY).