Sri Lanka’s Bairaha poultry group profits drop 18-pct

ECONOMYNEXT – Profits at Sri Lanka’s Bairaha Farms group fell 18 percent to 118.8 million rupees in the June 2016 quarter from a year earlier, amid flat revenues and higher interest costs, interim accounts showed.

The group reported earnings of 7.43 rupees per share.

In the quarter group revenues rose 2.0 percent to 956 million rupees and cost of sales fell 3 percent to 698 million rupees, allowing gross profits to grow 19 percent to 257 million rupees.

But administration costs rose 21 percent to 47.2 million rupees and finance costs rose 72 percent to 14.9 million rupees.

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