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Keells Food profits down at mid-year as expansion proceeds Vote_lcap68%Keells Food profits down at mid-year as expansion proceeds Vote_rcap 68% [ 178 ]
Keells Food profits down at mid-year as expansion proceeds Vote_lcap18%Keells Food profits down at mid-year as expansion proceeds Vote_rcap 18% [ 47 ]
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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Keells Food profits down at mid-year as expansion proceeds

Keells Food profits down at mid-year as expansion proceeds

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Keells Food Products , now expanding its production facilities following the acquisition of a meat processing factory at Pannala, had seen six-month group revenue flat at Rs. 1.1 billion and profits down 33% to Rs.22.7 million from a year earlier according to an interim financial statement now with shareholders.

At company level too, revenue remained flat at Rs.1.1 billion while the profit after-tax for the period was down 36% to Rs.22.9 million.

Keells Food recently acquired the meat processing factory at Pannala owned by D&W Food Products (Pvt) Limited including the leasehold rights attached to the land and is expanding the factory with new machinery imported at a cost of Euro 950,000.

This expansion was funded by a rights issue of 17 million ordinary shares to existing shareholders in the proportion of two shares for every share held as at the end of trading on July 31, 2012 at a price of Rs.60 per share.

This rights issue was fully subscribed increasing the company’s shares in issue from 8.5 million to 25.5 million.

JKH is the biggest shareholder of KFP with 73% of that company’s equity (67% a year earlier) with other group companies too owning a further 18%.

KFP has a stated capital of Rs.1.29 billion, revenue reserves of Rs.80 million and other equity components of Rs.94.7 million in its books. Total assets ran at Rs.1.75 billion and total liabilities at Rs.283.3 million.

During the quarter ended September 30, 2012 the Keells Food share traded at a high of Rs.90 and a low of Rs.60 compared to a trading range of Rs.149 to Rs.105.10 a year earlier.

Net assets per share were up to Rs.57.63 as at September 30, 2012 from Rs.41.87 a year earlier.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=66827

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