Sri Lanka’s Keells Foods December net up sharply

EconomyNext – Sri Lankan processed meats supplier Keells Foods Products reported a net profit of 91 million rupees in the December 2014 quarter against a loss a year ago mainly owing to the cost of factory lay-offs.

The company, a unit of the John Keells Holdings group, said in a stock exchange filing December quarter sales rose 12 percent to 722 million rupees.

Earnings per share were 3.58 rupees against a loss per share of 4.39 rupees in the December 2013 quarter when it made a loss of 112 million rupees.

That loss was mainly due to the cost of 139 million rupees incurred on a voluntary retirement scheme for 129 workers at its Ja-Ela manufacturing facility as production shifted to an automated factory at Pannala.

Keels Foods quarterly profits have been increasing steadily this year with net profit of 53 million rupees in the September 2014 quarter preceded by 38 million in the June 2014 quarter.

In the nine months to December 2014, Keells Foods made a net profit of 182 million rupees compared with a loss of 59 million in the same period the previous year with sales up 12 percent to 1.9 billion rupees. EPS for the nine months rose to 7.15 rupees against a loss per share of 2.30 rupees the year before.

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