Sri Lankan poultry firm December quarter net down five percent
ECONOMYNEXT – Ceylon Grain Elevators, a Sri Lankan poultry and feed milling group, said net profit for the December 2016 quarter fell nearly five percent to Rs369 million from a year ago.
The firm, part of Singapore’s Prima group, said in a stock exchange filing that December 2016 quarter sales fell three percent to Rs3.7 billion.
Finance costs fell 35% and the firm also benefitted from a sharply lower tax charge, accoding to interim results filed with the stock exchange.
A note accompanying the accounts said the company had to grapple with higher cost of raw materials but that its bottom line was strengthened by lower finance expenses through effective cash flow management.
Earnings per share for the quarter were Rs6.15 compared with Rs6.47 a year ago.
In the year to December 31, 2016, Ceylon Grain Elevators reported EPS of Rs21.45 against EPS of Rs15.72 a year ago. Net profit for 2016 was Rs1.3 billion.
(COLOMBO, Jan 25, 2016)