McLeod Russel reports Q1 net loss at Rs 23.22 crore

NEW DELHI: McLeod Russel (MCLR), the world's biggest tea grower, today reported a standalone net loss of Rs 23.22 crore in the first quarter of financial year 2015-16 due to higher expenses.

The company had posted a net loss of Rs 32 crore in the year-ago period, the Kolkata-based company said in a BSE filing.

Total income rose to Rs 168.20 crore in the April-June quarter of 2015-16 fiscal from Rs 100.66 crore in the year-ago period.

The company earned Rs 160.81 crore from sale of tea in India and Rs 5.83 crore from exports in the said period.

The firm's overall expenses rose to Rs 191.38 crore in the first quarter of this fiscal from Rs 140.05 crore in the year ago period.

MCLR produces approximately 100 million kg of high quality tea a year from tea estates in Assam, West Bengal, Vietnam, Uganda and Rwanda. The company exports tea to Europe, the Middle East and North America. P