Tata Coffee net down 26.78%
in Dec`06 qtr
Tata Coffee (Q, N,C,F)* has reported
a net decline of 26.78% to Rs 35.23 million
for the quarter ending December 2006 as
compared to Rs 48.12 million for the quarter
ended December 2005.
Net sales for the quarter
rose 32.20% to Rs 649.09 million compared
with Rs 490.99 million for the corresponding
quarter, a year ago. Total income also grew
31.10% to Rs 646.41 million as against Rs
493.06 last year.
There is an increase of
31.57% in income from operations and 21.54%
in operating profit during the three months
ended Dec. 31, 2006 as compared to the corresponding
period for the previous year.
Earning per share of the
company stood at Rs 2.65 compared with Rs
3.86 in the previous year.
During the quarter, the
company entered into an agreement with the
Ugandan government to set up a 3,600 metric
tonne per annum plant with an investment
of Rs 700 million, to market instant coffee
to be produced in the proposed Ugandan plant
in EU and China.
In early 2006, the company
acquired US based Eight `o`Clock Coffee
Company (EOC) from Gryphon Investors for
a consideration of USD 220 million.
As per the terms of the
company`s rights issue of partly convertible
debentures, 6,208,332 equity shares of Rs
10 each at a premium of Rs 240 per share,
and 6,208,332 of 7% secured redeemable non
convertible debentures of Rs 150 each were
allotted on Dec. 29, 2006. Consequently,
the paid up share capital of the company
stands increased to Rs 186,770,370 with
effect from Dec. 29, 2006.
Tata Coffee (TCL), formerly
Consolidated Coffee and subsidiary of Tata
Tea since 1961, is the largest coffee plantation
company in Asia with estates located in
Coorg, Hassan & Chickmagalur districts
of Karnataka. TCL has commissioned an agglomeration
unit at its instant coffee factory creating
facilities for a diverse range of product
offerings in the instant coffee business.
Shares of the company
are trading lower Rs 4.45, or 1.47% at Rs
228. Total volume of shares traded at the
BSE was 2,462. (12:21 p.m., Monday)
* Q - Quote , N - News
, C - Chart , F - Financials