Sri Lanka poultry firm net up five fold in Dec

Jan 27, 2011 (LBO) – Sri Lanka’s Bairaha Farms, a poultry breeder and processor said net profits for the December 2010 quarter rose 546 percent to 163 million rupees from a year earlier, with revenues growing 25 percent to 706 million rupees. The poultry industry is experiencing strong demand and high prices after a slump in 2009.

The firm is reporting earnings per share of 10.24 percent for the quarter. For the nine months to December it is reporting earnings of 23.91 rupees per share on total profits of 382 million rupees.

The firms finance cost fell to 1.8 million rupees in the quarter from 7.6 million a year earlier.

Though revenues grew 25 percent from 502 to 796 million rupees, cost of sales only grew 3 percent to 462 million rupees, allowing gross margins to grow 141 percent to 243 million rupees.