Tea producer McLeod Russel posts Rs.23.22 crore loss in Q1

Kolkata, Aug 3 (IANS) Kolkata-based tea producer McLeod Russel on Monday posted a loss of Rs.23.22 crore in the first quarter of this fiscal as against the Rs.32 crore loss it incurred in the same period last fiscal.

While its income had mounted, expenses also surged.

Although the firm’s total income from operations rose by 67 percent at Rs.168.20 crore in the quarter from Rs.100.66 crore in the year-ago period, its expenses surged by 36.65 percent at Rs. 191.38 crore from Rs.140.05 crore in the same period last year.

The world’s largest tea producer earned Rs 160.81 crore from sales of tea in India and Rs 5.83 crore from produce outside India in the review period.

Last fiscal, the company had incurred momentous losses on account of loss of production of tea due to scarcity of rainfall.

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