Chronicle Editor
Senior Business Reporter
TANGANDA Tea Company Limited, the country’s biggest tea producer, says despite the ongoing Russia’s special military operation in Ukraine posing a risk for both global and domestic economies it has had minimum effect on tea exports as the bulk tea export volumes achieved in the nine months to June were seven percent above same period in the prior financial year.
In its trading update for the third quarter ended June 30, 2022, Tanganda said production volumes were seven percent below prior year following a prolonged dry spell at the onset of the season.
“Despite the geo-political instability in Russia-Ukraine, bulk tea export volumes achieved for the nine months were seven percent above the same period in the prior financial year, however production volumes were seven percent below prior year following a prolonged dry spell at the onset of the season,” said the company.
“Coffee export volumes were 14 percent above the same period prior year.
Packed tea sales volumes remained resilient though five percent below prior year due to global shipping and supply crisis and depressed disposable income on the domestic market.”
Revenue for the quarter under review was 135 percent ahead of the previous financial year in historical cost terms and three percent below the comparative period in inflation adjusted terms.
Revenue grew by 84 percent in historical cost terms and declined by six percent in inflation adjusted terms.
Avocado production of 3 494 tonnes was 12 percent above 3 108 tonnes achieved in the same period prior year while acadamia nuts harvested of 1 072 tonnes were two percent above prior year of 1 048 tonnes, said the company.
The firm said revenue from export of avocado fruit and macadamia nuts is expected to be recognised in the last quarter of the financial year.
Online Reporter