Financial Times

Malwatte 1st half profit soars

Post-tax profits at Malwatte Valley Plantations Plc (MVPP) for the first half of 2008 was 73% higher than for the same period last year at Rs.381 million, the company said. “Most significantly the profit approximately equals the total annual profit achieved in 2007,” it said in a statement.

This gives hopes that 2008 will probably exceed the results of the record achieved by MVPP last year.
The 2008 half year turnover has increased by 34% over the same period last year with both tea and rubber sectors contributing almost equally. During the year, two MVPP estates -- St. James Estate, Hali-Ela and Sarnia Estate, Badulla were selected as the overall winner and runner-up respectively for the PEKOE and FBOPF at the Ceylon Specialty Tea of the 2008 Auction in North America organized by the Specialty Tea Institute of America.

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