Sri Lanka’s Keells Food Products Dec net down 5-pct
ECONOMYNEXT – Profits at Sri Lanka’s Keells Food Products Plc fell 5 percent from a year earlier to 82.4 million rupees in the December 2018 quarter on higher costs despite sales growth, interim accounts showed.
Earnings at the meat processing company, a unit of listed John Keells Holdings Plc, amounted to 3.23 rupees a share in the quarter, interim results filed with the Colombo Stock Exchange showed.
The share last traded at 136 rupees.
In the nine months to end December 2018 earnings were 4 rupees a share as profits grew 15 percent from a year earlier to 204.4 million rupees while revenue increased 11 percent to 2.6 billion rupees.
In the December quarter, revenue grew 9 percent from a year earlier to 940.2 million rupees. Cost of sales grew 10 percent to 658.5 million rupees leading to gross profits increasing 6 percent to 281.7 million rupees.
Selling and distribution expenses grew 31 percent to 105.5 million rupees and administrative expenses increased 10 percent to 43 million rupees.
Net finance income rose 88 percent to 3.3 million rupees. (COLOMBO, 22 January 2019)