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Largest Plantation Company seeks expansion in Vietnam
The world's largest tea plantation company is asking the Vietnamese Government for more land. McLeod Russel wants to plant an extra 1,000 hectares with tea to satisfy demand.
The Indo-Asian News Service reported that if successful this would allow the company to more than double its production in Vietnam through its acquired company Phu Ben.
The company said Phu Ben now produces about 4.5 million kgs of tea out of its three factories in Vietnam from 2,000 hectares of land. The extra 1,000 hectares could see production more than double to 10 million tonnes.
The company has not yet announced a timetable for the expansion.
The news comes as the company revealed that it has managed to bring its net loss down to Rs.88.61 crore (£11.23m) for the fourth quarter of 2008/09.
The company posted a loss of Rs.97.34 crore in the January-March quarter of 2007-08. However, total income for the period went up about 13% to Rs.217 crore from Rs.193 crore in last quarter of 2007-08.
For the 2008-09 fiscal year, the company recorded a consolidated profit of Rs.83.47 crore, about 80 percent higher than Rs.46.41 crore reported the year before.