Tata Tea Net Up Marginally

Mumbai, July 27 | Updated: Jul 28 2004, 05:42am hrs
Tata Tea Ltd has registered a marginal increase in net profit at Rs 22.45 crore for the first quarter ended June 30, 2004 as against Rs 22.33 crore for the corresponding quarter previous fiscal. Income from operations has increased from Rs 181.2 crore to Rs 205.8 crore, an improvement of 14 per cent over the corresponding quarter previous fiscal. The profit before tax from operations at Rs 28 crore was higher than the preceding years last quarter by 55 per cent, despite the losses in the plantations.

The companys consolidated world wide turnover for the first quarter was Rs 707 crore, an improvement by 4 per cent over the preceding years turnover for the corresponding period. The net profit for the group were Rs 56 crore, an improvement of 5 per cent over the first quarter of the preceding year.

Managing director PT Siganporia said, Despite the extreme adversity in the tea business, the company has outperformed the industry. Branded tea business is becoming very competitive. However, we are working on various strategies and looking at all opportunities to expand our business.