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Tetley tea owner sees income fall
Tata Global Beverages suffered a 36 per cent drop in net income in the latest quarter, as the owner of Tetley tea was hit by one-off costs, it announced yesterday. Sales rose 11 per cent to 17.24bn rupees (£198m) but restructuring expenses knocked net income for the three months to March down to 542.1m rupees. The firm, which has a tie-up with Starbucks, is on track to open its first Indian stores this year.