Turnover was virtually stagnant at 1.9 billion rupees, mainly because of higher auction prices for the firm's teas as the crop harvested from company estates was almost a million kilos lower than the previous year.
Maskeliya Plantations chairman Sena Yaddehige told shareholders in the firm's annual report that he was disappointed with the performance and the "meagre" profit.
The company, he said, was operating much below its potential owing to external factors beyond the management's control.
The wage hike granted to estate workers in November 2006 after they went on strike had already cost the firm 141 million rupees and the full year impact would be higher, Yaddehige said.
He lamented the fact that the wage hike that was granted was not linked to productivity improvements and said this had affected company performance.
Yaddehige no