Sri Lanka Watawala tea net up 50-pct in year to March

Managing director Vish Govindasamy said higher rubber prices pushed profits from the division to 140 million rupees from two million rupees a year earlier. The net sale average price had gone up by 80 percent.

Cost of production in tea had fallen from a year earlier due to better agricultural practices and a factory with new technology at Waltrim estate in the Lindula region had brought in better prices. The tea division had lost 35 million rupees.

Exports have brought in profits of 48.7 million rupees.

Palm oil had brought in a profit of 165 million rupees. But the crop was lower due to a drought in the previous year which is estimated to have lowered profits by 100 million rupees, Govindasamy told shareholders.

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