The Hindu Business Line : Tata Coffee Q1 net dips 48%

Bangalore, July 17 A strong rupee affected Tata Coffee’s earnings as the company reported a 48-per-cent drop in its net profits, while its total income grew over 5 per cent due to better realisations for the quarter-ended June, 2007 over the corresponding last quarter.

Tata Coffee registered a net profit of Rs 2.03 crore on revenues of Rs 61.10 crore as compared with a net of Rs 3.93 crore on revenues of Rs 57.80 in the corresponding last year.

On a consolidated basis, including the results of Eight O’Clock Coffee, the net profit stood at Rs 8.09 crore on revenues of Rs 222.08 crore.

Commenting on the results, Mr M.H. Ashraff, Managing Director, Tata Coffee, said the gains due to better realisations were impacted by the stronger rupee during the quarter. The operations of the instant coffee division was impacted by a combination of adverse exchange rates, higher input costs and initial starting problems with the freeze dried plant. Tata Coffee shares ended about 5 per cent lower on Tuesday at Rs 270.85 over the previous close of Rs 284.40.

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