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Group net turnover for the 2nd quarter 2012 was Rs.2,962.1Mn as compared to Rs.2,565.6Mn during the 2nd quarter of 2011, an increase of Rs.396.5Mn or 15%. Group net turnover for the 1st half of 2012 was Rs.6,210.8Mn as compared to Rs.4,857.9Mn during the 1st half of 2011, an increase of Rs.1,352.9Mn or 28%.
Group has reported a net profit of Rs.395.9Mn for the 2nd quarter 2012, as compared to the net profit of Rs.84.8Mn reported during the 2nd quarter 2011. For the 1st half of 2012, the Group has reported a net profit of Rs.396.5Mn as compared to the net profit of Rs.179.2Mn reported in the 1st half of 2011.
Due to the higher cost of imported raw materials coupled with the increased fuel and energy cost the profit margins of all the products has been considerably reduced during the period under review. This is further aggravated by the continuing depreciation of LKR against USD, whereby the Group incurred a heavy exchange loss of Rs.222Mn for the first six months of 2012. The poultry industry is also facing a major challenge with the escalating raw material prices and high operational cost, with no revision to the control price of processed chicken by the Consumer Affairs Authority.
In order to finance the working capital the Board of Directors decided to sell the investment of 21.5% equity holding in Ceylon Agro Industries Ltd during the period under review and made a capital gain of Rs.447Mn for the Group.
The company and the Group have followed the same accounting policies and methods of computation as disclosed in the Annual Report for Financial year ended 31st December 2011.
There have been no other events subsequent to the interim period which require disclosure in the interim Financial Statements.
Source: http://www.cse.lk/cmt/upload_report_file/671_1343382196979.pdf
Group has reported a net profit of Rs.395.9Mn for the 2nd quarter 2012, as compared to the net profit of Rs.84.8Mn reported during the 2nd quarter 2011. For the 1st half of 2012, the Group has reported a net profit of Rs.396.5Mn as compared to the net profit of Rs.179.2Mn reported in the 1st half of 2011.
Due to the higher cost of imported raw materials coupled with the increased fuel and energy cost the profit margins of all the products has been considerably reduced during the period under review. This is further aggravated by the continuing depreciation of LKR against USD, whereby the Group incurred a heavy exchange loss of Rs.222Mn for the first six months of 2012. The poultry industry is also facing a major challenge with the escalating raw material prices and high operational cost, with no revision to the control price of processed chicken by the Consumer Affairs Authority.
In order to finance the working capital the Board of Directors decided to sell the investment of 21.5% equity holding in Ceylon Agro Industries Ltd during the period under review and made a capital gain of Rs.447Mn for the Group.
The company and the Group have followed the same accounting policies and methods of computation as disclosed in the Annual Report for Financial year ended 31st December 2011.
There have been no other events subsequent to the interim period which require disclosure in the interim Financial Statements.
Source: http://www.cse.lk/cmt/upload_report_file/671_1343382196979.pdf
