Watawala Plantations free of management fees

Tuesday, 18 March 2014 01:06 - - {{hitsCtrl.values.hits}}

Watawala Plantations (WATA) announced yesterday that pursuant to the agreement reached with Estate Management Services Ltd. (EMSL), the Board of Directors of the company unanimously consented to mutually terminate the agreement for management services and payment of management fees entered into by and between EMSL. The deal is for a period of five years from 1 July 2013 to 30 June 2018 with effect from 1 April 2014. The Board also agreed to take over the related expenses associated with the provision of the management services.In 2012/13 financial year, WATA paid Rs. 137 million in management fees, up from Rs. 49 million in the previous year. The basis for calculation of management fees has been 10% of the Earnings before Interest, Tax, Depreciation and Amortization (EBITDA). In FY13, WATA posted a consolidated profit of Rs. 680.24 million, up from Rs. 455 million a year earlier, while the company recorded a net profit of Rs. 682 million, up from Rs. 563 million. EMLS owns a 54% stake in KOTA whilst Mouldex holds 19% and Ceybank Unit Trust 7%.

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