LISTED agro-concern Ariston Holdings Limited has invested US$1,5 million in upgrading its orchard farm implements to boost production and meet high demand for fruits.
The company said group revenues for the half year ended March 2014 increased 29 percent on the back of improved marketing.
Total assets for the period went up 32 percent to US$48,6 million compared to 36,7 million dollars over the same period the previous year.
However, profit before taxation and interest went down 20 percent to $2,3 million for the period from $2,9 million the previous half year.
Finance costs increased by 48 percent to $1 million as borrowings increased to $14,2 million due to rehabilitation programmes.
In a statement accompanying the company’s financial results, Ariston said: “As expected the first half of the year has seen significant increases in crop production.
“Tight liquidity on the local market has reduced demand for blended teas as well as reducing margins on fruit and vegetable sales.
“The second half of the year will see the bulk of our produce being sold and the proceeds brought to book.
“With half the export teas still to sell we expect a modest recovery in international tea prices in the second half of the year.”Advertisement