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Tata Coffee net profit zooms 79 percent in third quarter

This article was posted on Jan 26, 2011 and is filed under Market News

Indo Asian News Service, On Wednesday 26 January 2011, 1:12 AM

Bangalore, Jan 25 (IANS) Tata Coffee Ltd Tuesday reported a net profit of Rs.25 crore for the third quarter (Oct-Dec) of the 2010-11 fiscal as against Rs.14 crore in the previous 2009-10 fiscal, registering a whopping 79 percent year-on-year (YoY) growth.

In a regulatory filing, the company said the turnover was Rs.101 crore for the quarter under review (Q3) as against Rs.78 crore year ago, an increase of 29 percent YoY.

The consolidated turnover includes Rs.1.65 crore (Rs.16.5 million) from other operating income.

‘Coffee plantations performed well as compared to the previous fiscal, with high returns, which were partly off-set by fall in tea price,’ the company said in a statement.

Operating profit for the quarter zoomed 295 percent to Rs.12 crore from Rs.3 crore.

‘Instant coffee operations stabilised with a substantial turnaround vis-�-vis a year ago, with a full order book and production running to capacity,’ the statement said.

The company’s Eight ‘O’ Clock coffee has been recognised as one of the most respected US brands in the 2010 edition of Americas Greatest Brand Annual Publication.

‘The operating pressures faced during the first half of the fiscal due to the rising coffee costs have been mitigated by the price passed through, but volumes have been impacted,’ the company said.

source: Yahoo Finance

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