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Sri Lanka Renuka Agri Foods December net Rs69mn

EconomyNext – Renuka Agri Foods, a Sri Lankan manufacturer of coconut-based food and beverage products, reported a net profit of 69 million rupees in the December 2014 quarter compared with a loss of 16 million the year before.

Sales were virtually stagnant during the period, down slightly to 872 million rupees from the previous year, a stock exchange filing said.

The firm, part of the Renuka Holdings group, reported quarterly earnings per share of 12 cents compared with a loss per share of three cents the year before.

In the nine months ending December 2014, Renuka Agri Foods said net profit shot up 248 percent to 273 million rupees with sales rising eight percent to 2.8 billion rupees from 2.6 billion rupees.
EPS for the nine months were 49 cents against 14 cents the year before.

Executive Dircctor Shamindra Rajiyah told shareholders gross profit increased by 131 million rupees for the nine months ended December 31, 2014 compared to same period last year.

This was due to an increase in sales and a four percent increase in gross profit margin on "cost savings in the supply chain and enhancing production efficiency."

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