INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30th JUNE 2026 TESS AGRO PLC # 87, New Nuge Road, Kelaniya
Balance Sheet
As At 30th June 2026
Un-Audited | Un-Audited | Audited | |
Period Ended | Period Ended | Period Ended | |
30th June. 2026 | 31st Mar. 2026 | 31st Mar. 2025 | |
(Restated) | |||
Rs. | Rs. | Rs. | |
ASSETS | |||
NON CURRENT ASSETS | |||
Property , Plant & Equipment | 536,902,926 | 521,367,343 | 390,229,320 |
Investment Property | 186,872,762 | 186,872,762 | 122,800,000 |
Differed Tax Assets | 76,951 | 76,951 | 76,950 |
Biological Assets | 2,194,289 | 2,194,289 | 2,194,289 |
Right of Use Assets | 120,158,818 | 120,158,818 | 120,158,819 |
Other Non Current Financial Assets | 1,052,344 | 1,052,344 | 1,052,343 |
CURRENT ASSETS | 847,258,090 | 831,722,506 | 636,511,721 |
Trade and Other Receivables Net | 11,340,955 | 9,384,852 | 29,512,671 |
Other Current Assets | 121,969,430 | 55,893,308 | 36,697,606 |
Inventories | 83,261,702 | 75,071,151 | 55,111,429 |
Cash & Cash Equivalents | 138,328,026 | 6,526,073 | 177,003,320 |
354,900,114 | 146,875,384 | 298,325,026 | |
TOTAL ASSETS | 1,202,158,204 | 978,597,890 | 934,836,747 |
EQUITY & LIABILITIES | |||
Stated Capital | 263,000,000 | 263,000,000 | 671,071,291 |
Retained Earnings | (19,563,613) | (18,372,306) | (461,631,703) |
Reserves | 88,144,475 | 88,144,475 | 50,144,475 |
Total Equity | 331,580,862 | 332,772,169 | 259,584,063 |
NON CURRENT LIABILITIES | |||
Interest Bearing Borrowings | 612,869,536 | 395,660,242 | 451,968,699 |
Deferred Tax Liability | 50,733,227 | 50,733,227 | 50,733,227 |
Deposit-Rent | 5,549,619 | 5,549,619 | 7,826,150 |
Retirement Benefit Obligations | 256,500 | 256,500 | 256,500 |
CURRENT LIABILIITES | 669,408,882 | 452,199,588 | 510,784,576 |
Trade and Other Payables | 3,421,898 | 3,726,455 | 11,140,760 |
Current Portion of Borrowings | 118,401,414 | 112,401,414 | 99,500,821 |
Amount Due To Related Parties | 9,736,525 | 9,862,040 | 2,812,011 |
Short Term Borrowings | 50,274,564 | 50,274,564 | 50,274,564 |
Other Current Liabilities | 13,821,356 | 13,603,866 | - |
Bank Overdrafts | 5,512,704 | 3,757,794 | 739,953 |
201,168,460 | 193,626,134 | 164,468,109 | |
TOTAL EQUITY & LIABILITIES | 1,202,158,204 | 978,597,890 | 934,836,748 |
No of Ordinary Shares | 743,729,716 | 743,729,716 | 743,729,716 | |
Net assets value per share | 0.45 | 0.45 | 0.35 | |
Market value per share Voting - Qtr. | - Highest | 2.30 | 2.10 | 1.10 |
- Lowest | 1.70 | 1.60 | 0.90 | |
- Closing | 1.90 | 1.80 | 1.00 | |
Market value per share Non Voting - | Qtr. - Highest | 1.60 | 1.40 | 0.70 |
- Lowest | 1.20 | 1.10 | 0.50 | |
- Closing | 1.50 | 1.40 | 0.60 |
D Fernando Ms S. D.Fernando
Chairnan/CEO Director
Date 20.08.2026
Figures in the brackets indicate deductions.
Income Statement
For the Period Ended 30th June 2026
Un-audited Three Months Period Ended 30 th June 2026 Rs. | Un-audited Three Months Period Ended 31st Mar. 2026 (Restated) Rs. | Audited Period Ended 31st Mar.2025 Rs. | |
Turnover | 5,437,295 | 6,600,573 | 41,380,438 |
Cost of Sales | (1,369,680) | (2,465,637) | (20,771,514) |
Gross Profit | 4,067,614 | 4,134,936 | 20,608,924 |
Dividend Income | 16,589 | 4,444 | 37,518 |
Fair Value Gain from Investment Property | - | - | 32,036,381 |
Other Operating Income | 3,705,975 | 1,268,470 | 13,963,881 |
Selling & Distribution Expenses | (753,135) | (284,586) | (140,910) |
Administrative Expenses | (8,445,317) | (10,832,186) | (45,698,307) |
Other Operating Expenses | - | (2,193,600) | - |
Result from Operating Activities | (1,408,273) | (7,902,522) | 20,807,487 |
Finance Income | 772,018 | 60,694 | 8,996,158 |
Finance Expenses | (555,052) | (341,881) | (11,550,375) |
Net Finance Cost | 216,966 | (281,187) | (2,554,217) |
Profit /(Loss) before Tax | (1,191,307) | (8,183,710) | 18,253,270 |
Income Tax Expenses | - | - | (4,226,971) |
Net Profit/(Loss) after Tax | (1,191,307) | (8,183,710) | 14,026,299 |
Profit available for Appropriation | (1,191,307) | (8,183,710) | 14,026,299 |
Earnings Per Share | (0.003) | (0.02) | 0.04 |
Statement of Comprehensive Income
For the Period Ended 30th June 2026
Un-audited Three Months Period Ended 30th Jun. 2026 Rs. | Un-audited Three Months Period Ended 31st Mar. 2026 Rs. | Un-audited Three Months Period Ended 31st Mar. 2025 Rs. | Audited Period Ended 31st Mar. 2025 Rs. | Change % | |
Profit / Loss for the Peroid / Year | (1,191,307) | (8,183,710) | (7,372,129) | 14,026,299 | 85 |
Other Comprehensive Income | |||||
Revaluation of Property, Plant & Equipment | - | 38,000,000 | - | - | |
Defered Tax on Revaluation Gains | - | - | - | - | - |
Net Change in Fair value of Available for Sale Financial Assets | - | - | - | - | - |
- | - | - | - | ||
Other Comprehensive income for the year, net of tax | - | 38,000,000 | - | - | |
Total Comprehensive Income for the Period /Year | |||||
(1,191,307) | 29,816,290 | (7,372,129) | 14,026,299 | ||
Figures in the brackets indicate deductions.
Cash Flow Statement
For the Period Ended 30th June 2026
Company | |||||
Un-Audited Three Months Period Ended 30th Jun. 2026 Rs. | Un-Audited Three Months Period Ended 30th Jun. 2025 Rs. | Un-Audited Three Months Period Ended 31st Mar. 2025 Rs. | |||
Un-Audited Period Ended 31st Mar. 2026 (Restated) | Audited Period Ended 31st Mar. 2025 | ||||
Cash Flow from Operating Activities | |||||
Cash Receipts from Customers | 5,437,295 | 4,490,878 | 14,652,033 | 16,994,969 | 45,745,833 |
Raw Material Purchase | (8,190,551) | (4,652,464) | - | - | - |
Packing Material Purchase | - | (167,600) | - | - | - |
Capital WIP - Kerawalapitiya Solar Project | - | (1,885,674) | - | - | - |
Cash Paid to Suppliers & Employees | (13,706,438) | (9,781,752) | (28,555,328) | (62,314,779) | (80,591,922) |
Exchange Gain/(Loss) on Transaction | 4,862,296 | - | - | - | (1,554,430) |
Prior Adjustments | - | - | - | - | - |
Cash Generated from Operations | (11,597,399) | (11,996,612) | (13,903,295) | (45,319,810) | (36,400,519) |
Cash flow from Investing Activities | |||||
Interest Income Received | 702,273 | 785,313 | 1,066,108 | 1,474,272 | 1,731,168 |
Dividend Received | 16,589 | 16,612 | 1,890 | 30,396 | 37,518 |
Acquisition of Property Plant & Equipment | (16,044,757) | (10,031,461) | (2,688,281) | (107,669,084) | (43,501,510) |
Rent Deposit Received | - | - | - | - | 7,059,000 |
Rent Received | 3,705,975 | 4,129,500 | 4,129,500 | 15,285,057 | 14,285,950 |
Short Term Investment | (59,014,880) | - | - | - | 22,500,000 |
Net Cash flow from Investing Activities | (70,634,800) | (5,100,036) | 1,441,219 | (90,879,358) | 2,112,126 |
Cash flow from Financing Activities | |||||
Repayment of Interest Bearing Borrowings | (37,165,706) | - | - | (73,631,494) | (76,000,000) |
Proceeds from Short Term Finance | - | - | 15,203,242 | 7,137,339 | 55,106,403 |
Interest Paid | (555,052) | (350,575) | (260,253) | (1,725,395) | (1,707,189) |
Loan Proceeds from BRIS Holdings Limited | - | - | - | - | 267,500,000 |
Short term Loan | - | - | - | 30,923,630 | - |
Advance for shares | 250,000,000 | - | - | - | - |
Net Cash flow from Financing Activities | 212,279,242 | (350,575) | 14,942,989 | (37,295,920) | 244,899,214 |
Net Increase/(Decrease) in Cash & Cash Equivalents | 130,047,044 | (17,447,223) | 2,480,913 | (173,495,088) | 210,610,821 |
Cash & Cash Equivalents at the Beginning of the Year /Peroid | 2,768,279 | (6,972,597) | (15,654,312) | 176,263,367 | (34,347,454) |
Cash & Cash Equivalents at the End of the Period | 132,815,323 | (24,419,820) | (13,173,399) | 2,768,279 | 176,263,367 |
Statement of Changes in Equity
For the Period Ended 30th June 2026
Balance as at 31st March, 2024 (Audited) | Attributable to equity holders of the Company | Total Rs. | |||
Stated Capital Rs. | Revaluation Surplus Rs. | Fair Value Reserve of Financial Assets at FVOCI Rs. | Retained Earnings Rs. | ||
671,071,291 | 49,528,050 | 21,104 | (475,658,002) | 244,962,443 | |
Net Profit/(Loss) for the year Other Comprehensive Income for the year Total Comprehensive Income for the year Balance as at 31st March ,2025 (Audited) | - - | - - | - 595,321 | 14,026,299 - | 14,026,299 595,321 |
- | - | 595,321 | 14,026,299 | 14,621,619 | |
671,071,291 | 49,528,050 | 616,425 | (461,631,703) | 259,584,062 | |
Net Profit/(Loss) for the period Reduction of stated Capital Other Comprehensive Income Balance as at 31st March, 2026 | - (408,071,291) - | - -38,000,000 | - - - | 35,188,106 408,071,291 - | 35,188,106 -38,000,000 |
263,000,000 | 87,528,050 | 616,425 | (18,372,306) | 332,772,169 | |
Net Profit/(Loss) for the period Other Comprehensive Income Balance as at 30th June, 2026 | - - | - - | - - | (1,191,307) - | (1,191,307) - |
263,000,000 | 87,528,050 | 616,425 | (19,563,613) | 331,580,862 | |
Notes
Notes to the Financial Statements
Basis of Preparation
The interim financial statements of Tess Agro PLC have been prepared in accordance with Sri Lanka Accounting Standards (SLFRS/LKAS) with effect from 1 st January 2012.
Comparative Information
The accounting policies applied by the company are unless otherwise stated, consistent with those used in the previous year/
interim Financial statements.Previous interim Financial statements figures and pharases have been rearranged, wherever necessary' to confirm to the year /Interim financial statements to provide a better presentation.
Stated Capital
The stated capital of the company consists of 507,797,287 ordinary voting shares and 50,000,000 non voting shares as at 31st March 2023.
a further issue of shares by way of a rights issue was carried out on the 16th feb 2024 which consits of 169,265,762 ordinary voting shares an 16,666,667 non voting shares, making the total issue of voting shares to 677,063,049 and 66,666,667 non voting shares.
Contingent Liabilities
There is no change in the nature of contingent assets ot liabilities as at 30th June 2026
as compared to the contingent liabilities and assets which were disclosed in the accounts for the year ended 31 st March 2026
Event Subsequent to the Interim Period
The company was able to come to a settlement with its lenders and have dislosed the same in the interim accounts
There have been no other event subsequent to the interim period,which require to discloser in the provisional Financial Statements
Investor Information
Directors' Shareholdings - Voting
Mr.Dilshan Fernando 110,514,034
Ms Seraiah Druvinka Fernando Nil
Mr Srdjan Veselinovic Nil
Prof. Arthur H. DE O. Bamunuarachchi Nil
Mr. A.M.A Cader Nil
Shares held by Public 23.77%
Number of Public Shareholders 5,801
The Float Adjusted Market Capitalization as at 31st March 2026 321,875,774
The Float Adjusted Market Capitalization of the company falls under option 2 of Rule 7.13.1 (b) of the Listing Rules of the Colombo Stock Exchange and the Company has Complied with the minimum public holding requirement applicable under said option.
No | Name of Voting Shareholder | No. of Shares | % |
01 | IPEK SA LTD | 203,080,000 | 29.99% |
02 | SILVER EDGE INVESTMENTS LTD | 173,009,986 | 25.55% |
03 | D FERNANDO | 110,514,034 | 16.32% |
04 | S.A FERNANDO | 24,509,052 | 3.62% |
05 | PEOPLE S LEASING AND FINANCE PLC/ L.P HAPANGAMA | 8,115,144 | 1.20% |
06 | TRANSDOMINION LLC | 6,000,060 | 0.89% |
07 | PEOPLE S LEASING AND FINANCE PLC/ L.H.L.M.P.HARADASA | 5,265,000 | 0.77% |
08 | EGLOBAL SERVICES PVT LTD | 5,000,000 | 0.74% |
09 | SENERATNE KMVJ | 4,170,405 | 0.62% |
10 | RAMBUKWELLE RE | 3,850,000 | 0.57% |
11 | FERNANDO S | 3,581,052 | 0.53% |
12 | ABEYGUNAWARDENE ASDR | 3,500,000 | 0.52% |
13 | ANANDAWANSAWLT (DECEASED) | 3,200,000 | 0.47% |
14 | PEOPLE S LEASING AND FINANCE PLC/ MR. W.P.C.M.NANAYA | 2,000,000 | 0.30% |
15 | FERNANDO ASA | 2,000,000 | 0.30% |
16 | THAWAPPERUMA DNI | 2,000,000 | 0.30% |
17 | SUNANDARAJA DAC | 1,902,018 | 0.28% |
18 | DIALOG FINANCE PLC/S.D.DIVAKARAGE | 1,553,563 | 0.23% |
19 | JAYANTHA D S S | 1,530,028 | 0.22% |
20 | JAYAKUMAR S P | 1,500,000 | 0.22% |
Investor Information
Directors' Shareholdings - Non Voting
Mr.Dilshan Fernando 3,491,097
Ms Seraiah Druvinka Fernando Nil
Mrs Sithy Faika Fernando Nil
Prof. Arthur H. DE O. Bamunuarachchi Nil
Mr. A.M.A Cader Nil
Shares held by Public 82.28%
Number of Public Shareholders 1548
No | Major Shareholders | No. of Shares | % |
01 | FERNANDO S.A | 8,339,775 | 12.51% |
02 | ANANDAWANSA W.L.T MR. (DECEASED) | 3,805,267 | 5.71% |
03 | FERNANDO D | 3,491,097 | 5.24% |
04 | COMMERCIAL BANK/ P L S PETER | 2,932,191 | 4.40% |
05 | MERCHANT BANK OF SRI LANKA & FINANCE/K L K M | 2,025,251 | 3.04% |
06 | ABETGUNAWARDNE A S DR | 2,000,000 | 3.00% |
07 | MAHINDA N.G. | 1,734,192 | 2.60% |
08 | NETHITHIKUMARA N.A.L.A | 1,726,150 | 2.59% |
09 | MADANAYAKA L M Ms | 1,500,000 | 2.25% |
10 | SENKADAGALA FINANCE PLC /P.A WIJERATNE | 1,400,000 | 2.10% |
11 | PEOPLE'S LEASING & FINANCE PLC/MR.A.B.K.WEERAMAN | 1,312,500 | 1.97% |
12 | SHAMSUDEEN M.S.R | 1,164,285 | 1.75% |
13 | OBETSEKERA S A Mr | 1,100,000 | 1.75% |
14 | GUNAWARDANA M.S.H | 1,000,000 | 1.50% |
15 | PERERA S.S.L | 1,000,000 | 1.50% |
16 | KAMIL M.H.A. | 981,204 | 1.47% |
17 | RAMBUKWELLE R.E | 945,000 | 1.42% |
18 | PERERS G V C Mr | 879,584 | 1.32% |
19 | TRANZ DOMINION , L.L.C | 866,666 | 1.30% |
20 | CITIZENS DEVELOPMENT BUSINESS FINANCE PLC/KULAPPU | 800,581 | 1.20% |
Corporate Information
NAME OF COMPNAY : TESS AGRO PLC
REGISTERED OFFICE : 87, New Nuge Road,
Kelaniya
TELEPHONE NO : 0117555859
FAX NO : 2910615
E-MAIL ADDRESS : info@tess.lk
WEB ADDRESS : https://www.tess.lk
DATE, PLACE AND THE AUTHORITY : 20 May 1992, Colombo
OF INCORPORATION Companies Act No.17 of 1982 Companies Act No.07 of 2007 PB 689 PQ
BOARD OF DIRECTORS : Mr Dilshan Fernando Ms. Seraiah D Fernando Mr Srdjan Veselinovic
Prof. Arthur H. DE O. Bamunuarachchi Mr. A.M.A Cader
SECRETARIES TO THE COMPANY : Prestige Secretaries & Consultants (Pvt) Ltd
No. 20 D, Guilford Crescent, Colombo 07.
AUDITORS : Moore & Aiyer Chartered Accountants
No 104-4/1 Havelock Road Colombo 05.
BANKERS TO THE COMPANY : Commercial Bank of Ceylon PLC.
National Development Bank PLC. Pan Asia Banking Corperaion PLC Hatton National Bank PLC.