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Sri Lanka’s Bairaha Farms boosted by JV profits in Dec 2020

ECONOMYNEXT – Sri Lanka’s Bairaha Farms Plc, a poultry group has reported profits of 120 million rupees in the December 2020 quarter, turning around from a loss of 0.7 million rupees a year earlier helped by better margins and join venture profits, interim accounts showed.

The group reported earnings of 7.54 rupees for the quarter. For the nine months to September 2021, the group reported earnings of 6.88 rupees on total profits of 110 million rupees.

The stock closed up 18.75 rupees at 169.25 rupees on January 22.

Bairaha Farms reported revenues of 1.17 billion rupees for the December 2020 quarter, up 9 percent while cost of sales fell 8 percent to 992 million rupees, allowing gross profits to grow 21 percent to 182 million dollars.

Finance cost rose 1 percent to 17.2 million rupees.

Share of profits from joint venture companies rose to 85 million rupees from a million rupee loss 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/Jan24/2021)

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