TSL Records a 517% Increase in Profit
The TSL Limited Group posted a 517,14% increase in profit after tax to $9,77 million for the six months ended April 30, 2018 on the back of satisfactory agricultural results. The increase was from the profit after tax of $1,58 million over the same period last year. In a statement accompanying its results on Friday, […]
The TSL Limited Group posted a 517,14% increase in profit after tax to $9,77 million for the six months ended April 30, 2018 on the back of satisfactory agricultural results.
The increase was from the profit after tax of $1,58 million over the same period last year.
In a statement accompanying its results on Friday, TSL Limited said revenue increased to $24,59 million from a 2017 comparative of $23,62 million.
“The performance of the agriculture cluster has been satisfactory. The inconsistent rainfall pattern resulted in a reduced uptake of agro inputs. The tobacco related businesses, are poised to benefit from an increased market share of the national tobacco crop which is expected to be between 10% and 15% up on the prior year with an estimated ranging between 210 and 220 million kg…” TSL Limited said.
“…along with prices that are expected to be marginally firmer. The one-week later start to the tobacco selling season has, to an extent, affected the numbers reported for the tobacco-related businesses, but these volumes should be reflected in the group’s full year results.”
TSL Limited said the current trends also pointed to encouraging results for the company’s logistics and real estate clusters. Spurring the growth in the logistics portfolio was the increase of general cargo volumes as the company introduced value-add services particularly for fertilizer importers. But, the company reported foreign currency was negatively affecting its distribution business.
Under its real estate cluster, the company recorded an improvement due to the larger tobacco crop that increased demand for warehousing. “The late start to the tobacco selling season has impacted the reported volumes of the hessian business. However, volumes are above prior year, due to new contracts signed up and the business has retained its preferred supplier position in the supply of hessian to the market,” TSL Limited said…
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