Sri Lanka Grain Elevators March net up 64-pct

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

May 10, 2011 (LBO) – Sri Lankan poultry firm Ceylon Grain Elevators said March 2011 quarter net profit rose 64 percent to 94 million rupees from a year ago as gains from feed milling helped overcome high raw material prices. Sales grew 26 percent to 2.3 billion rupees during the quarter with earnings per share rising to 1.57 rupees from 0.96 rupees the year before, according to interim results filed with the stock exchange.

“As the local maize production was badly affected by the unfavourable weather conditions early this year and government restriction on importation of maize still continues, the sourcing of the main raw material has become a major challenge for the poultry industry,” said the company, a unit of Singapore’s Prima.

“In spite of high raw material prices, the company was able to make a profit during the period under review mainly due to its cost effective feed formulation and efficient operations.”