Financial Daily from THE HINDU group of publications
Tuesday, Jan 28, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jan 28, 2003 |
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Tea Corporate Results - Tea Tata Tea net down on lower revenues Our Bureau
MUMBAI, Jan. 27 MARGINALLY lower revenue and a profit from sale of shares last year with none to show this time around brought down Tata Tea Ltd's (TTL) net profit by 18 per cent to Rs 16.97 crore in the third quarter of 2002-03 (Q3) as compared to Rs 20.67 crore in the year-ago period. Income from operations during Q3 edged down to Rs 191.41 crore (Rs 197.50 crore in the year-ago period). According to a senior TTL official, the income trend is due to a decline in value sales stemming from lower prices at tea auctions. "It does not represent any volume declines,'' he said. Similarly, he pointed out that if the profit from sale of shares was kept out, then a like to like comparison would show Q3 operating profits being ahead of last year's level. TTL saved on interest cost in Q3, at Rs 2.55 crore (Rs 6.64 crore). For the nine-month period, TTL's net profit slipped to Rs 67.1 crore (Rs 88.29 crore). Total income from operations stood at Rs 571.67 crore (Rs 579.17 crore). The performance of TTL's 98.59 per cent subsidiary, Tetley, has not been incorporated in the accounts.
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