The Hindu Business Line : Tata Coffee consolidated net up 15% in Q1

Bangalore, July 22 Helped by a healthy growth in both its US subsidiary and the domestic companies’ sales, Tata Coffee reported a 15 per cent increase in its consolidated net profit at Rs 9.32 crore during the first quarter of the current financial year.

Announcing the results for the period today, the company said its consolidated income grew to Rs 262.81 crore for quarter against Rs 263.54 crore during the corresponding period in the previous year.

The consolidated operations included Tata Coffee, Alliance Coffee and the US brand Eight O’clock Coffee.

Higher sales income

Tata Coffee’s net rose to Rs 3.88 crore on an increased sales income of Rs 87.28 crore (Rs 59.84 crore), which was 42 per cent higher than in the first quarter of the financial year 2008.

The growth was driven by higher instant coffee volumes and improved tea and coffee realisation, said a company official.

Eight O’Clock recorded an 11 per cent increase in turnover (in dollar terms) to $42.99 million compared with $38.563 million in the corresponding previous quarter.

During the quarter, Tata Coffee acquired Kahutara Holdings Ltd, Cyprus, for $3000, which has since become its subsidiary, said the company official.

However, he declined to give details about the new company.

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