ECONOMYNEXT – Sri Lanka’s Bairaha Farms Plc, a poultry group, said its profits grew more than 200 percent in the June 2022 quarter from a year earlier led by increase in other operating income and join venture profits, interim accounts showed.
The quarter saw sharp increase in the chicken prices.
The poultry group recorded a profit of 369.5 million rupees in the June 2022 quarter, an increase of 274.1 percent from 98 million rupees a year earlier.
The group reported earnings of 23.10 rupees per share for the quarter, compared 17.38 rupees in the same quarter last year.
The stock closed up 5.01 percent at 152 rupees on July 29.
Bairaha Farms reported revenues of 2.31 billion rupees for the June 2022 quarter, up 68 percent from a year earlier while cost of sales went up 58 percent to 1.7 billion rupees, allowing gross profits to grow 117 percent to 538 million dollars.
Finance cost rose 82 percent to 17 million rupees.
Share of profits from joint venture companies rose 150 percent to 77 million rupees from a 31million rupee a year earlier.
The firm reported 233 percent increase in other operating income to 17.5 million rupees from 5.2 million a year earlier.
The group’s total assets have increased by 22.1 percent to 6.7 billion rupees from 5.2 billion a year earlier.
The group has two joint ventures Fortune Agro industries (Pvt) Ltd a feed mill, Fortune GP Farms (Lanka) Ltd, a breeder farm. (Colombo/July 302021)