24th Apr 2014 09:58
LONDON (Alliance News) - Camellia PLC Thursday said its pretax profit declined in 2013 as revenue fell and administrative expenses widened, but it increased its dividend regardless.
In a statement, Camellia said pretax profit fell to GBP59.6 million in 2013 from GBP69.7 million in 2012.
Revenue fell to GBP251.3 million from GBP261.5 million while administrative expenses widened to GBP47.3 million from GBP44.4 million. Trading profit declined to GBP31.2 million from GBP39.8 million.
Camellia makes most of its income from agricultural and horticultural operations, but also makes money from tea, edible nuts, food storage and distribution, engineering, and banking and financial services.
Headline pretax profit, a measure of underlying performance excluding exceptional and other items considered non-operational, fell to GBP38.2 million from GBP49.0 million.
"Yet again our accounts are distorted by the inclusion of exceptional gains mostly arising from changes in the fair value of biological assets. As in the preceding year the devaluation of the Malawian kwacha has resulted in a substantial credit to the income statement of GBP11.0 million with in effect a corresponding charge made to reserves," Malcolm Perkins, chairman, said in a statement.
"The International Accounting Standards Board has unfortunately not yet issued a revised IAS 41 in respect of the treatment of permanent plantings. The indication is that such plantings will be treated as fixed assets to be depreciated over their expected lifespan. The adoption of such a policy will make our accounts that much easier to understand," Perkins added.
Camellia increased its dividend 4.2% to 125 pence a share from 120 pence a year earlier.
By Samuel Agini; [email protected]; @samuelagini
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