NTC's net profit increases despite production fall

FE Team | Published: June 09, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
National Tea Company Ltd (NTC) earned Tk 30.292 million as net profit in the year ended December 31,2006 against Tk 27.356 million of the corresponding period of the previous year.
The NTC produced 4,766,000 kg tea in the year against 5,622,000 kg of 2005, said the company's annual report, prepared for its 29th annual general meeting scheduled for tomorrow (Sunday).
A dry spell during the period of October 2005 to April 2006 affected the tea industry leading to a fall in the production by 11.42 per cent in 2006, the report of the NTC said.
The company is listed on the stock exchanges of the country.
The sales turnover of NTC rose to Tk 403.466 million in 2006 from Tk 359.583 million in 2005.
The gross profit also marked a rise to Tk 123.446 million in the period from Tk 111.828 million in 2005.
The earning per share rose to Tk 42.67 in 2006 from Tk 41.23 in 2005 and Tk 17.30 in 2004.
The cost of production and average price per kg in 2006 rose to Tk 72.06 and Tk 79.95 from Tk 61.11 and Tk 66.33 respectively in 2005.
Out of total 660,000 shares of the company, Investment Corporation of Bangladesh (ICB) and its mutual and unit funds account for 32.42 per cent, Sadharan Bima Corporation 11.50 per cent, Bangladesh government 4.33 per cent, ICB account-holders 2.43 per cent, nationalised commercial banks 3.09 per cent and general public 46.23 per cent.
The NTC was incorporated as a public limited company in 1978 to take-over the assets and liabilities from the government of Bangladesh under a scheme of privatisation of nine tea estates in Sylhet division.
The company is engaged in the business of plantation, cultivation, manufacturing and selling of tea and rubber.
The tea gardens under the NTC are Patrakhola, Kurma, Champaray, Madanmohanpur, Madhabpur, Jagdishpur, Teliapara, Chandichhara, Lakkatura, Parkul, Premnagar and Bijoya in Sylhet division.
The NTC, an A-category scrip was closed at Tk 753.35 per share against the face value of Tk 100 on the Dhaka Stock Exchange (DSE) last Wednesday.