Business Daily from THE HINDU group of publications
Monday, Apr 07, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Monday, Apr 07, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Outlook Agri-Biz & Commodities - Tea ‘Goodricke has no plans to buy sick tea gardens’ Our Bureau Kolkata, April 6 Goodricke Group Ltd will not attempt to acquire sick tea gardens because of the liabilities involved and the host of riders attached to such acquisitions. The company will also not subscribe to the Special Purpose Tea Fund, according to Mr P.A. Leggatt, Chairman. At the conclusion of the company’s 32nd annual general meeting in Kolkata on Saturday, Mr Leggatt told newspersons that the total manufactured crop in 2007 at 21.2 million kg was 10 per cent higher compared with 2006. The average price realisation at Rs 89 a kg was higher than that of the previous two years at Rs 70 a kg. Packet tea operations had a successful year but the company’s instant tea plant had a difficult year. Mr Leggatt said the outlook for the current year was good with an expected increase in demand. With tea consumption growing at three per cent a year, total demand in India in 2008 was expected to be 22 million kg more than the 790 million kg consumed last year. During the year ended December 31, 2007, the company recorded a turnover of Rs 237.43 crore, up from Rs 221.38 crore in 2006. The profit before tax was Rs 10.47 crore (Rs 7.64 crore). The profit after tax stood at Rs 7.73 crore (Rs 5.49 crore). A dividend of 15 per cent (Rs 1.50 on equity shares of Rs 10 face value) was declared for the year gone by. Tea major Goodricke plans special brand for South More Stories on : Outlook | Tea
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