Aitken Spence-managed Elpitiya Plantations PLC recorded a profit-after-tax of Rs. 480 mn for the financial year ended 31st March, 2014. Elpitiya’s exceptional earnings were mainly driven by an excellent performance in oil palm and return on strategic investments made by the company into joint venture projects.
“Profit was commendable as revenue on tea &rubber had declined by around 8 per cent YOY, following the erratic weather conditions and the poor prices released for natural rubber. Increase in cost of production following revision of the workers’ wages by 20 per cent had a significant impact on the Company’s profitability. Ourstrong results are due to the team work by our employees”, said Dr. Rohan M FernandoManaging Director of Elpitiya Plantations PLC and Director of Aitken Spence PLC.
The company’s net assets had increased to Rs. 2.9 bn from Rs. 173 mn at the time of taking over of the estates in 1997.
Source: http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=107090
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