TESS AGRO PLC recorded a turnover of Rs. 444 million oppose to Rs. 365 million which is 25% growth in turnover for the 2015/2016 financial year.
However the rise in costs of fish and overseas sourcing of raw materials resulted in a loss of Rs. 49.5 million.
With their annual report being posted to the Colombo Stock Exchange the TESS AGRO has now been taken off the default board.
During the first quarter of 2015/2016 the company has been able to turn around by recording a marginal profit. With the re-opening of the European markets, and the new political climate in the country, the possibility of obtaining GSP plus where all marine products will receive duty free status, will be a huge boost to the exports of the company in the future.The company continues to forge in to capturing new markets.
“The year under review was a year when the company had to face its biggest challenge as the European Union, which was Sri Lanka’s most lucrative market decided to ban Sri Lankan fish imports to the EU,”said Sithy Faika Fernando Chairperson of the Company.
“New opportunities have opened up in Russia as the company has now received approval to export to this area.” (SS)
However the rise in costs of fish and overseas sourcing of raw materials resulted in a loss of Rs. 49.5 million.
With their annual report being posted to the Colombo Stock Exchange the TESS AGRO has now been taken off the default board.
During the first quarter of 2015/2016 the company has been able to turn around by recording a marginal profit. With the re-opening of the European markets, and the new political climate in the country, the possibility of obtaining GSP plus where all marine products will receive duty free status, will be a huge boost to the exports of the company in the future.The company continues to forge in to capturing new markets.
“The year under review was a year when the company had to face its biggest challenge as the European Union, which was Sri Lanka’s most lucrative market decided to ban Sri Lankan fish imports to the EU,”said Sithy Faika Fernando Chairperson of the Company.
“New opportunities have opened up in Russia as the company has now received approval to export to this area.” (SS)
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