Business Daily from THE HINDU group of publications
Wednesday, Jul 18, 2007
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Business Daily from THE HINDU group of publications Wednesday, Jul 18, 2007 ePaper |
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Financial Performance Corporate Results - Tea
Our Bureau Mumbai, July 17 Tata Tea Ltd has reported 43 per cent dip in consolidated net profit for the quarter ended June, to Rs 45.68 crore from Rs 80.07 crore in the corresponding previous period. Higher advertising and marketing expenditure on account of new product launches has impacted the profits. The company’s net profit fell 3.5 per cent to Rs 43 crore (Rs 44.56 crore). According to the company, the profit was impacted mainly by the interest outgo of Rs 10.89 crore on bridge loans taken for buying 25 per cent stake in Energy Brands Inc, which was later sold to Coca-Cola. However, income from operations grew by 14 per cent to Rs 290.01 crore (Rs 254.35 crore), driven by 18 per cent growth in sales volume. Operating profit rose by 13 per cent to 54.58 crore (Rs 48.18 crore). Mr P.T. Siganporia, Managing Director, said that the $415-million profit the Group made from the deal will go to Tetley, the company’s UK subsidiary, once the deal is completed. On Tuesday, Tata Tea shares lost 4.01 per cent to close at Rs 821.20 on the BSE.
Related Stories: More Stories on : Financial Performance | Tea | Tata Tea Ltd
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