Ceylon Tea Brokers revenue has declined by 23.31%, due to negative sentiments on both the local and foreign tea market during the past financial year ending March 31, 2016.
Ceylon Tea Brokers Chairman Chrisantha Perera said the profit before and after taxation amounted to Rs. 35.7 million and Rs. 25.94 million respectively recording a decline of 51.01% and 52.61%, compared to the previous year.
The company marketed and sold 31.29 million kilos of tea during the year incomparison to 34.73 million kilos in the previous year. However, Low
Grown segment of the company continued to hold the main stay with an overall market share of 13.85%, whilst the High and Medium segments showing positive results with marginal increase in its market share year on year.
The sharp decline in tea prices reflected by the auction averages as well as the lower production figures contributed to the overall disappointing performance of the Company compared to the previous two years.
The company also took a strategic decision in evaluating our lending portfolio to clients with a high risk profile.
This resulted in a certain loss of business, although in our view, it minimised the exposure risk of the Company.
Ceylon Tea Brokers Chairman Chrisantha Perera said the profit before and after taxation amounted to Rs. 35.7 million and Rs. 25.94 million respectively recording a decline of 51.01% and 52.61%, compared to the previous year.
The company marketed and sold 31.29 million kilos of tea during the year incomparison to 34.73 million kilos in the previous year. However, Low
Grown segment of the company continued to hold the main stay with an overall market share of 13.85%, whilst the High and Medium segments showing positive results with marginal increase in its market share year on year.
The sharp decline in tea prices reflected by the auction averages as well as the lower production figures contributed to the overall disappointing performance of the Company compared to the previous two years.
The company also took a strategic decision in evaluating our lending portfolio to clients with a high risk profile.
This resulted in a certain loss of business, although in our view, it minimised the exposure risk of the Company.
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