Business Times

Tea export revenue surges at Malwatte Valley Plantations


Tea export revenues surged at Malwatte Valley Plantations PLC to Rs.364 million for the nine months ended 30 September 2009 from Rs.31 million during the corresponding period in 2008.

According to the company’s interim financial statements, total turnover for tea however fell to Rs.1.4 billion for the period under review from Rs.1.6 billion last year. Turnover from rubber was recorded at Rs.189 million in 2009 from Rs.341 million while turnover from coconut decreased marginally to Rs.1.5 million from Rs.1.6 million in 2008. The total turnover for the nine months ended 30 September 2009 was Rs.1.98 billion compared to Rs.2.05 billion last year. The company’s profits for the period under review were Rs.348 million compared to Rs.541 million in 2008. Other operating income decreased by around Rs.3 million to Rs.71 million in 2009 while administration expenses increased to Rs.91 million from Rs.77 million.

Business Editor’s note – The company’s results were published in a report in this newspaper on December 6 but had some errors. In that report it was incorrectly stated that turnover had decreased by Rs 1.4 billion and that tea export saw turnover fall sharply. In both cases the errors were unintentional but nevertheless we apologise to the company.

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