INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31stDECEMBER 2025
TESS AGRO PLC # 87, New Nuge Road, KelaniyaBalance Sheet
As At 31stDecember 2025
Un-Audited | Un-Audited | Audited | |
Period Ended | Period Ended | Period Ended | |
31stDec. 2025 | 31stDec. 2024 | 31stMar. 2025 | |
Rs. | Rs. | Rs. | |
ASSETS | |||
NON CURRENT ASSETS | |||
Property , Plant & Equipment Net | 411,081,536 | 370,670,237 | 360,999,594 |
Investment Property | 122,800,000 | 90,763,619 | 122,800,000 |
Capital Work-in- Progress | 66,757,889 | - | 29,229,726 |
Right of Use Assets | 120,158,819 | 124,719,950 | 120,158,819 |
Intangible Assets | - | 24,398 | - |
Differed Tax Assets | 76,950 | 20,129 | 76,950 |
Biological Assets | 2,194,289 | 2,194,289 | 2,194,289 |
Other Non Current Financial Assets | 1,052,343 | 457,023 | 1,052,343 |
CURRENT ASSETS | 724,121,826 | 588,849,645 | 636,511,721 |
Trade and Other Receivables Net | 12,974,945 | 27,208,923 | 12,191,246 |
Other Current Assets | 30,519,102 | 17,563,168 | 36,697,606 |
Inventory | 64,363,349 | 50,354,159 | 55,111,429 |
Investments in Margin Trading | 17,321,425 | 17,321,425 | |
Cash in Hand at Bank | 24,516,309 | 238,946,631 | 177,003,320 |
149,695,130 | 334,072,882 | 298,325,026 | |
TOTAL ASSETS | 873,816,958 | 922,922,527 | 934,836,747 |
EQUITY & LIABILITIES | |||
EQUITY | |||
Stated Capital | 263,000,000 | 670,517,907 | 671,071,291 |
Retained Earnings | (22,868,634) | (423,948,720) | (461,631,703) |
Reserves | 50,144,474 | 49,549,154 | 50,144,475 |
Deffered Revenue Expenditure | - - | (1,387,001) - | - - |
Total Equity | 290,275,840 | 294,731,340 | 259,584,063 |
NON CURRENT LIABILITIES | |||
Deferred Tax Liability | 50,733,227 | 46,449,435 | 50,733,227 |
Interest Bearing Loans & Borrowings | 343,294,899 | - | 451,968,699 |
Deposit-Rent | 7,826,150 | 7,576,150 | 7,826,150 |
Employee Benefit Obligations | 256,500 | 381,426 | 256,500 |
CURRENT LIABILIITES | 402,110,776 | 54,407,011 | 510,784,576 |
Trade and Other Payables | 16,831,995 | 6,777,729 | 11,140,760 |
Current Portion of Borrowings | 106,401,414 | 236,367,183 | 99,500,821 |
Amount Due To Related Parties | 5,020,190 | 291,759,860 | 2,812,011 |
Short Term Borrowings | 50,274,564 | 30,930,602 | 50,274,564 |
Other Current Liabilities | 1,136,104 | 7,658,711 | - |
Bank Overdrafts | 1,766,073 | 290,091 | 739,953 |
181,430,341 | 573,784,176 | 164,468,109 | |
TOTAL EQUITY & LIABILITIES | 873,816,958 | 922,922,527 | 934,836,748 |
No of Ordinary Voting & Non Voting Shares | 743,729,716 | 557,797,287 | 743,729,716 |
Net assets value per share | 0.39 | 0.35 | 0.35 |
Market value per share Voting - Qtr.- Highest | 2.00 | 1.20 | 1.10 |
- Lowest | 1.40 | 0.80 | 0.90 |
- Closing | 1.50 | 1.10 | 1.00 |
Market value per share Non Voting - Qtr.- Highes | 1.50 | 0.90 | 0.70 |
- Lowest | 0.90 | 0.60 | 0.50 |
- Closing | 1.10 | 0.70 | 0.60 |
The above figures are provisional and subject to audit
D.Fernando Ms. S.D. Fernando
Chairman/CEO Director
Date 30.01.2026
Figures in the brackets indicate deductions.
Income Statement
For the Period Ended 31stDecember 2025
Un-audited Nine Months Period Ended 31stDec. 2025 Rs. | Un-audited Nine Months Period Ended 31stDec. 2024 Rs. | Un-audited Three Months Period Ended 31stDec. 2025 Rs. | Un-audited Three Months Period Ended 31stDec. 2024 Rs. | Audited Period Ended 31stMar. 2025 Rs. | |
Turnover | 19,222,212 | 29,114,390 | 4,635,029 | 15,137,232 | 41,380,438 |
Cost of Sales | (12,715,292) | (17,154,223) | (3,886,240) | (9,841,813) | (20,771,514) |
Gross Profit | 6,506,919 | 11,960,167 | 748,789 | 5,295,419 | 20,608,924 |
Other Operating Income | 5,188,771 | 13,580,192 | 4,341,212 | 159,803 | 13,963,881 |
Fair Value Gain from Investment Property | 32,036,381 | 32,036,381 | 32,036,381 | ||
Selling & Distribution Expenses | (1,882,581) | (84,470) | (657,955) | (7,610) | (140,910) |
Administrative Expenses | (31,451,855) | (21,456,925) | (11,751,711) | (9,270,885) | (45,698,307) |
Other Operating Expenses | - | (1,731,985) | - | (688,667) | - |
Profit from Operations | 10,397,635 | 2,266,979 | 24,716,715 | (4,511,940) | 20,769,969 |
Dividend Income | 25,953 | 27,054 | 1,650 | - | 37,518 |
Profit before Interest | 10,423,588 | 2,294,033 | 24,718,365 | (4,511,940) | 20,807,487 |
Finance Income | 1,413,579 | 665,060 | 174,266 | 132,524 | 8,996,158 |
Finance Expenses | (1,383,514) | (1,916,807) | (168,721) | (536,837) | (11,550,375) |
Other Expenses | - | - | |||
Profit /(Loss) before Tax | 10,453,653 | 1,042,286 | 24,723,910 | (4,916,253) | 18,253,270 |
Income Tax Expense | - | - | - | - | (4,226,971) |
Net Profit/(Loss) after Tax | 10,453,653 | 1,042,286 | 24,723,910 | (4,916,253) | 14,026,299 |
Profit available for Appropriation | 10,453,653 | 1,042,286 | 24,723,910 | (4,916,253) | 14,026,299 |
Earnings Per Share | 0.02 | 0.00 | 0.04 | (0.01) | 0.03 |
Figures in the brackets indicate deductions.
Statement of Comprehensive Income
For the Period Ended 31stDecember 2025
Un-audited Nine Months Period Ended 31stDec.2025 Rs. | Un-audited Nine Months Period Ended 31stDec.2024 Rs. | Un-audited Three Months Period Ended 31stDec.2025 Rs. | Un-audited Three Months Period Ended 31stDec.2024 Rs. | Audited Period Ended 31stMar. 2025 Rs. | |
Profit / Loss for the Peroid / Year | 10,453,653 | 1,042,286 | 24,723,910 | (4,916,254) | 14,026,299 |
Other Comprehensive Income | - | - | - | - | - |
10,453,653 | 1,042,286 | 24,723,910 | (4,916,254) | 14,026,299 | |
Items that will not be reclassified to Profit or Loss | |||||
Deffered Tax on Revaluation Gains | - | ||||
Net Change in Fair Value of Assets recognised | - | - | - | - | - |
through Other Comprehensive Income | 595,321 | ||||
Other Comprehensive Income for the year net of tax | - | - | - | - | - |
Other Comprehensive Income for the Period /Year | |||||
10,453,653 | 1,042,286 | 24,723,910 | (4,916,254) | 14,621,620 | |
Figures in the brackets indicate deductions.
Cash Flow Statement
For the Period Ended 31stDecember 2025
Company | |||
Un-Audited Nine Months Period Ended 31stDec. 2025 Rs. | Un-Audited Nine Months Period Ended 31stDec. 2024 Rs. | Audited Period Ended 31stMar. 2025 | |
Cash Flow from Operating Activities | |||
Cash Receipt from Customers | 6,963,613 | 18,014,958 | 45,745,833 |
Raw Material Purchase | (13,419,522) | (31,458,820) | |
Packing Material Purchase | (223,400) | (519,336) | |
Shares Issued | |||
Capital WIP - Solar Project Kerawalapitiya and Wattala | (28,871,983) | (11,222,472) | |
Capital WIP - Agro Warehouse Packing Centre | (58,907,825) | ||
Cash Paid to Suppliers & Employees | (20,859,829) | (16,119,814) | (80,591,922) |
Exchange Gain/(Loss) on transactions | (1,554,430) | ||
Prior Year Adjustments | - | ||
Cash Generated from Operations | (115,318,947) | (41,305,484) | (36,400,519) |
Gratuity Paid | - | ||
Interest Paid | |||
Income Tax Paid | - | ||
VAT Paid | - | (3,913,451) | |
WHT Paid | - | - | |
Net Cash flow from Operating Activities | (115,318,947) | (45,218,935) | (36,400,519) |
Cash flow from Investing Activities | |||
Acquisition of Property, Plant & Equipment | (15,662,542) | (910,068) | (43,501,510) |
Purchase of Intangible assets | |||
Acquisition of Biological Assets | - | ||
Realization of Fixed Deposits | - | - | - |
Interest Income Received | 1,413,579 | 665,060 | 1,731,168 |
Dividend Received | 25,953 | 27,054 | 37,518 |
Short Term Investment | 22,500,000 | ||
Proceeds from Disposal of Property Plant and Equipment | |||
Rent Deposit Received | - | 7,059,000 | 7,059,000 |
Rent Income Received | 12,023,800 | 9,706,450 | 14,285,950 |
Investment - FCBA Loan | - | 290,000,000 | |
Net Cash Flows Used in Investing Activities | (2,199,210) | 306,547,496 | 2,112,126 |
Cash flow from Financing Activities | |||
Repayment of Interest Bearing Borrowings | (49,267,610) | 47,301,061 | (76,000,000) |
Short Term Finance | - | 55,106,403 | |
Loan Proceeds from BRIS Holdings Limited | 267,500,000 | ||
Proceeds from Right Issue | - | - | |
Interest Paid | (896,326) | (1,286,995) | (1,707,189) |
Right Issue Expenses | - | ||
Net Cash flow from Financing Activities | (50,163,935) | 46,014,066 | 244,899,214 |
Net Increase/(Decrease) in Cash & Cash Equivalents | (167,682,092) | 307,342,627 | 210,610,821 |
Cash & Cash Equivalents at the Beginning of the Year/Peroid | 176,263,367 | (5,799,537) | (34,347,454) |
Cash & Cash Equivalents at the End of the Period | 8,581,275 | 301,543,090 | 176,263,367 |
Statement of Changes in Equity
For the Period Ended 31stDecember 2025 | |||||||
Attributable to equity holders of the Company | Total | ||||||
Stated Capital | Revaluation Surplus | Capital Reserves | Fair Value Reserve of Financial assets at FVOCI | Retained Earnings | Defered Revenue Expenditure | Rs. | |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||
Balance as at 31stMarch, 2025 | 671,071,291 | 49,528,049 | - | 616,425 | (461,631,703) | - | 259,584,062 - |
Total Comprehensive Income | |||||||
671,071,291 | 49,528,049 | - | 616,425 | (461,631,703) | - | 259,584,062 | |
Private Placement | - | - | |||||
Net Profit/(Loss) for the period | (4,289,000) | (4,289,000) | |||||
issue of shares | - | ||||||
Other Comprehensive Income Balance as at 30th June 2025 | - | - | - | ||||
671,071,291 | 49,528,049 | - | 616,425 | (465,920,703) | - | 255,295,062 | |
Net Profit/(Loss) for the period Other Comprehensive Income | - - | - - | - - | 24,527,125 | 24,527,125 - | ||
Balance as at 30th September 2025 | 671,071,291 | 49,528,049 | - | 616,425 | (441,393,578) | - | 279,822,187 |
Reduction of Stated Capital | (408,071,291) | 408,071,291 | |||||
Net Profit/(Loss) for the period | - | - | - | 10,453,653 | 10,453,653 | ||
Other Comprehensive Income | - | - | |||||
Balance as at 31st December 2025 | |||||||
263,000,000 | 49,528,049 | - | 616,425 | (22,868,634) | - | 290,275,840 | |
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 stJanuary 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 conform to the year /Interim financial statements to provide a better presentation.
Stated Capital
The stated capital of the company Rs 671,071,291 consists of 677,063,049 ordinary voting shares and 66,666,667 non voting shares as at 31st March 2025. On the 26th Dec 2025 the Company resolved to reduce its stated capital from 671,071,291 to 263,000,000 by reducing The accumulated losses but without reducing the no of issued shares.
Contingent Liabilities
There is no change in the nature of contingent assets ot liabilities as at 30th June 2025
as compared to the contingent liabilities and assets which were disclosed in the accounts for the year ended 31 stMarch 2025
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 Srdan 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 5,514
The Float Adjusted Market Capitalization as at 31st December 2025 Rs 319,899,834
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.
Major Shareholders No. of Shares %
1 IPEK SA LTD | 203,080,000 | 29.99% |
2 SILVER EDGE INVESTMENTS LTD | 173,009,986 | 25.55% |
3 FERNANDO D | 110,514,034 | 16.32% |
4 FERNANDO S.A MRS. | 24,509,052 | 3.62% |
5 TRANZ DOMINION,L.L.C. | 6,000,060 | 0.89% |
6 EGLOBAL SERVICES (PVT) LTD | 5,000,000 | 0.74% |
7 PEOPLES LEASING & FINANCE PLC/H L M P | 5,000,000 | 0.74% |
8 FERNANDO S. MR. | 4,431,402 | 0.65% |
9 SENARATHNE K.M.V.J. MR. | 4,235,593 | 0.63% |
10 RAMBUKWELLE R.E. MR. | 3,950,000 | 0.58% |
11 ABEYGUNAWARDENA A S DR | 3,500,000 | 0.52% |
12 ANANDAWANSA W.L.T (DECEASED) | 3,200,000 | 0.47% |
13 FERNANDO A S A MR | 3,000,000 | 0.44% |
14 THEWARAPPERUMA. D N J MR | 2,000,000 | 0.30% |
15 DE SILVA WIJEYERATNE D.J.MR | 2,967,169 | 0.44% |
16 SUNANDA RAJA D A C MR | 1,902,018 | 0.28% |
17 SULAIMAN N M MR | 1,882,224 | 0.28% |
18 WICKRAMA. T G S | 1,727,045 | 0.26% |
19 SENKADAGALA FINANCE PLC/P.A.WIJERATNE | 1,678,373 | 0.25% |
20 DIALOG FINANCE PLC/S.A.DE SILVA AND D.R.D. E SILVA | 1,635,509 | 0.24% |
Investor Information
Directors' Shareholdings - Non Voting
Mr.Dilshan Fernando 3,491,097
Ms Seraiah Druvinka Fernando Nil
Mr Srdan Veselinovic Nil
Prof. Arthur H. DE O. Bamunuarachchi Nil
Mr. A.M.A Cader Nil
Shares held by Public 82.28%
Number of Public Shareholders 1209
Major Shareholders No. of Shares %
1 FERNANDO S.A. | 8,314,108 | 12.48% | |
2 ANANDAWANSA W.L.T | MR. (DECEASED) | 3,805,267 | 5.71% |
3 FERNANDO D. | 3,491,097 | 5.24% | |
4 MERCHANT BANK OF SRI LANKA & FINACE PLC | 2,260,137 | 3.39% | |
5 MUHUNTHAN | 2,100,000 | 3.15% | |
6 MAHINDA N.G. | 1,734,192 | 2.60% | |
7 NETHITHIKUMARA N.A.L.A. | 1,726,150 | 2.59% | |
8 DAMUNUPOLA U.K.B. | 1,354,978 | 2.03% | |
9 PEOPLE'S LEASING & FINANCE PLC/MR.A.B.K. WEERAMAN | 1,312,500 | 1.97% | |
10 SENKADAGALA FINANCE PLC/P.A.WIJERATNE | 1,210,655 | 1.82% | |
11 SHAMSUDEEN M.S.R. | 1,164,285 | 1.75% | |
12 METHTHASENA K.A.D.A. | 1,040,420 | 1.56% | |
13 GUNAWARDANA M.S.H. | 1,000,000 | 1.50% | |
14 PERERA S.S.L. | 1,000,000 | 1.50% | |
15 QUVYLIDH M.M.S. | 998,353 | 1.50% | |
16 KAMIL M.H.A. | 992,587 | 1.49% | |
17 RAMBUKWELLE R.E. | 950,010 | 1.43% | |
18 SHAYANTHA K.A.D.R. | 904,009 | 1.36% | |
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 : 117555859
FAX NO : 2910615
E-MAIL ADDRESS : info@tess.lk
WEB ADDRESS : https://www.tess.lk
DATE, PLACE AND THE AUTHOR: 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 COMPAN : Prestige Secretaries & Consultants (Pvt) Ltd
No. 20 D, Guilford Crescent, Colombo 07.
AUDITORS : Moore & Aiyar Chartered Accountants
No.104-4/1, Havelock Road Colombo 05.
LAWYERS : F J & G De Saram Corporate Law Office 210 De Saram Road Colombo 10.
BANKERS TO THE COMPANY : Commercial Bank of Ceylon PLC.
National Development Bank PLC. Pan Asia Banking Corperaion PLC Hatton National Bank PLC.