Business Times

Ceylon Tea Brokers see 50% growth in 2010/11

Ceylon Tea Brokers PLC (CTB) said its over 50% growth on net profit in the last financial year ending 31st March 2011, was backed by major investments into the IT platform along with customer retention strategies adopted during the year.

CTB saw a Rs 34.9 million profit during the last financial year compared to Rs 22.9 million in the corresponding period. “Our strong performance could be attributed to a strong team and continuous investments into IT related services as well as customer retention and the rapid growth in new business,” Waruna de Silva, Director CTB told the Business Times.

He added that 2010/11 saw CTB consolidate itself. The acquisition of the company by Capital Alliance Group in 2005 saw the company grow at a rapid pace year on year, according to him. "We implemented the Microsoft ‘Navision’ General Ledger system which was fully integrated with our TBOSS system (a software) so that we have seamless integration between our operations and finance. Through ‘Navison’, we have access to international best practices, further enhancing the operational efficiency of the company,” he said.

Mr. de Silva noted that CTB is the only standalone listed tea broking company to date and that the listing of the company in March 2010 through an Initial Public Offering of 14 million shares at Rs 2 a share saw the company realise 114 million shares on issue, thereby becoming one of the best capitalised tea broking firms in the country.

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