Financial Times

Tea estate company losses rise due to amendment in accounts

Bogawantalawa Tea Estates Plc last week issued a statement referring to some changes in its year-end accounts. In a statement to the Colombo Stock Exchange (CSE) it said it was referring to the unaudited Interim Financial Statements for the period ended 31st March 2009 disseminated to the market on May 29 which indicated a loss of Rs. 131.192 million which was further changed due to some minor adjustments consequent to the completion of the audit and was adjusted as Rs.132.955.

The company said the Auditors before finalizing the Audit for the year ended 31st March 2009 have said that there is an impairment of the company's investment in BPL Teas (Pvt) Ltd and therefore requested that provision be made in the accounts for the diminution in value in respect of these investment in the financial statements for the year ended 31st March 2009.

Accordingly, the Board decided to provide for 75% of the investment (Rs.94.95 million) for the impairment loss in the Financial Statements for the year ended 31st March 2009. With the above provision the loss incurred by the company for the year 2008/2009 will be Rs.227.9 million.

“The Standard - SLAS 41 also specifies that an entity can reverse an impairment loss. In the event that BPL Teas (Pvt) Ltd continues to improve profitability and the net asset position, the company will be able to reverse the provision," it said.

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