Business Daily from THE HINDU group of publications
Tuesday, Oct 30, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Oct 30, 2007 ePaper | Mobile/PDA Version |
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Corporate Results
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Tea Agri-Biz & Commodities - Financial Performance
Our Bureau Mumbai Oct 29 Tata Tea on Monday reported a 43-per-cent dip in its consolidated net profit for the second quarter of the current fiscal to touch Rs 109 crore, as against Rs 194 crore in the year ago quarter. This was mostly on account of a charge for interest on loans for acquisitions, absence of one time dividend from long-term investments and exceptional profits on sale of shares received in the corresponding quarter of the previous fiscal, the company said. “Although operational profits have improved, the overall profit after tax has been impacted by absence of favourable non-operational items compared to the corresponding quarter of last fiscal,” it added. The company reported a profit before tax from operations of Rs 152.74 crore, as against Rs 126.36 crore in the year ago period, representing an increase of 21 per cent. The company clocked a consolidated income of Rs 1,096, up 13 per cent from the second quarter of last fiscal, mainly driven by higher branded tea volumes. This was despite lower raw tea costs, which have however begun to firm up. The sale of the Tetley Group’s stake in Energy Brands Inc has been concluded in October 2007 for an aggregate consideration of $1.02 billion and would result in a pre-tax profit of about $415 million in the Tetley Group, of which the holding company’s share is $323 million. Standalone, the company’s net profit was Rs 64.81 crore and income Rs 319.05 crore during the quarter. Tata Tea net rises 92% Tata Tea guns for the top slot Tata Tea consolidated Q1 net plummets More Stories on : Tea | Financial Performance | Tata Tea Ltd
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