Bangalore, May 21: Consolidated Coffee Ltd (Conscofe), a subsidiary of Tata Tea Ltd, has posted a profit after tax of Rs 14.28 crore for fiscal 1998-99 as against Rs 11.87 crore recorded in the previous year. The company's board, which met to approve audited financial accounts for the year 1998-99, recommended a dividend of 60 per cent.During the fiscal, Conscofe's gross profit before interest and depreciation stood at Rs 34.19 crore as against its gross profit after interest at Rs 29.88 crore. The company posted a profit before tax of Rs 26.52 crore as against Rs 25.57 crore of the previous year. During the period, Conscofe recorded a total income of Rs 111.95 crore while its total expenditure stood at Rs 77.78 crore.
During 1998-99, the company witnessed the establishment of fresh all-time records in the areas of coffee and tea crops while pepper crossed 1,000 tonnes that was an all-time record for the cropping season. During the period, four major coffee and tea companies were amalgamated withConscofe making it the Asia's biggest plantation company. As the amalgamation scheme has not yet become operational, the accounts of the company will not include the financials of Coffee Lands Ltd, Charagni Ltd, Asian Coffee Ltd and Veerarajendra Estates Ltd, said a release. The company has scheduled to become fully Y2K compliant by September this year.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.