Sri Lanka poultry group in profits amid revenue drop

Nov 14, 2013 (LBO) – Sri Lanka’s Ceylon Grain Elevators group, which has operations in feed-milling said it returned to profits in the September 2013 quarter helped by lower soya prices despite a drop in sales. Three Acre Farms had also exported parent day old chicks and hatchable eggs to the region, helping boost margins.

The group reported earnings of 99 cents per share. For the nine months to September the group reported earnings of 2.26 rupees per share on total profits of 184 million rupees.

Profits of the September quarter last year were boosted by a 466 million rupees one-off gain coming from the sale of an equity stake.

In the September quarter group revenues dropped 2 percent to 9.1 billion rupees, and costs 3 percent to 8.6 billion rupees, allowing gross profits to widen 25 percent to 544 million rupees.

Chairman Cheng Chih Kwong, Primus told shareholders the demand for feed dropped in the quarter but the cost of imported soyabean meal had fallen from earlier highs helping margins.

Three Acre Farms, which has a hatchery and sells poultry products, saw profits go up 92 percent to 120 million rupees in the quarter.

The firm said layer day old chick prices had improved in t