ECONOMYNEXT - Sri Lankan regional plantation company Kelani Valley Plantations said its net loss for the September 2017 quarter narrowed sharply to Rs14 million from Rs168 million a year ago.
Sales rose 35% to just over Rs 2 billion during the period, according to interim accounts filed with the stock exchange.
The firm, part of the Hayleys group, made a gross profit of Rs222 million but its bottom line was still in the red owing to higher administrative costs and associate losses.
Kelani Valley made a loss per share of 41 cents in the quarter. The loss per share in the six months to September 2017 was 66 cents with sales up 45% to Rs4.5 billion.
The accounts showed that during the first six months the tea business returned to profit from a loss the year before while profits from rubber grew sharply.
(COLOMBO, October 31, 2017)