COLOMBO: Profits at Sri Lanka’s Bairaha Farms Plc, a poultry and food processing company fell 53 percent to 98.3 million rupees in the December 2017 quarter from a year earlier, amid falling revenues and shrinking margings, interim account showed.
The group reported earnings of 6.15 rupees per share for the quarter. In the nine months to December Bairaha Farms Plc, reported earnings of 18.08 rupees per share on total profits of 289 million rupees, down from 615 million rupees last year.
The stock last traded at 141 rupees.
The group said revenues fell 3 percent to 1,132.6 billion rupees, and expenses rose at a fast 7 percent to 869.7 million rupees, shrinking gross margins 24 percent to 269.75 million rupees in the quarter.
Share of joint venture companies fell to 9.6 million rupees from 47.67 million rupees.
Distribution costs rose 17 percent to 58.7 million rupees.
Finance costs rose 43 percent to 23.39 million rupees. Income tax fell 49 percent to 14.85 million rupees as profits fell.
