ECONOMYNEXT – Sri Lanka’s Three Acre Farms Plc, a poultry firm, said profits for the September quarter doubled from a year earlier to 213.9 million rupees with a recovery in market demand for eggs and chicken.
"The Group revenue has increased as a result of improved demand for Layer Day Old Chicks (DOC) due to the recovery of table egg market and the stable market conditions for Broiler DOCs during the quarter under review," Director/Chief Executive Cheng Chih Kwong, Primus told shareholders.
"The Group’s margin has positively been driven by increased revenue due to effective farm management in Breeder and Commercial farms."
The firm reported earnings of 9.09 rupees per for the quarter, interim accounted filed at the Colombo Stock Exchange showed. For the first nine months of the year, earnings were 22.51 rupees per share, with net profits up 15 percent from a year earlier to 530 million rupees.
The firm’s share was up 6 rupees to 106 rupees in intraday trading.
Revenue for the September quarter grew 22 percent from a year earlier to 677 million rupees while cost of sales were up 9 percent to 471.1 million rupees, leading to gross profits growing 70 percent to 205.8 million rupees.
Finance income grew 98 percent to 53.8 million rupees. (Colombo/Nov13/2018)