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Sri Lanka’s Keells Food profits down on processed food concerns, taxes

May 15, 2017 14:28 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT– Sri Lanka's Keells Food Products reported lower profits for the March 2017 quarter and financial year, with sales stagnant due to lower demand stemming from concerns over processed food and higher taxes.

Net profit for the March 2017 quarter fell 31 percent to 48 million Rupees from a year ago, with sales down one percent to 717 million Rupees, according to interim accounts filed with the stock exchange.

Quarter earnings per share of the firm, a unit of John Keells Holdings group, fell to 1.90 Rupees from 2.77 Rupees during the period.

Keells Food, which makes processed meats, said EPS for the year ending 31 March 2017 fell to 10.80 Rupees from 13.13 Rupees the previous year, with net profit down 18 percent to 275 million Rupees and sales stagnant at 3 billion Rupees.

Keells Food told shareholders in its annual report that the decline was because of the fall in demand “stemming from negative campaigns on processed food consumption and reduced consumer purchasing power following increased taxes and adverse exchange rate impacts during the year.”
(COLOMBO, May 15, 2017)


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