Sri Lanka’s poultry industry on the growth path with Three Acre Farms recording increased profits
A poultry company in Sri Lanka, Three Acre Farms Plc has reportedly stated that profits for the September quarter have doubled from a year earlier to Rs. 213.9 million with a recovery in market demand for eggs and chicken.
“The Group revenue has increased as a result of improved demand for Layer Day Old Chicks (DOC) due to the recovery of table egg market and the stable market conditions for Broiler DOCs during the quarter under review,” Director/Chief Executive Cheng Chih Kwong, Primus has reportedly told shareholders.
“The Group’s margin has positively been driven by increased revenue due to effective farm management in Breeder and Commercial farms.”
The firm reported earnings of Rs. 9.09 per share for the quarter, an interim accounted filed at the Colombo Stock Exchange has stated.
According to the report, for the first nine months of the year, earnings were Rs. 22.51 per share, with net profits up 15 percent from a year earlier to Rs. 530 million.
Revenue for the September quarter has recorded a 22 percent growth from a year earlier to Rs. 677 million while cost of sales have increased by 9 percent to Rs. 471.1 million, which has led to gross profits growing 70 percent to Rs. 205.8 million.
OSL take:
The report above is indicative of the growing poultry industry in Sri Lanka and along with it business opportunities in the respective sector. The overall increase in the country key industries, especially tourism has prompted a growth in the poultry business in Sri Lanka. Therefore, foreign businesses could explore business opportunities in Sri Lanka’s poultry industry and look at introducing the latest techniques to the country.
| Article Code : | VBS/AT/20181119/Z_1 |