COLOMBO: Cargills (Ceylon) PLC posted a net profit of Rs.485.90 million for the quarter ended December 31, 2015 (3Q16) improving from Rs.477.20 million net profit year-on-year (YoY), riding on the consumption wave prevailed during the quarter.
Profit from the continuing operations increased to Rs.485.90 million from Rs.8.38 million YoY.
The group, which had faced tough times in the past few years, divested some non-core operations, which were acquired through leveraging.
Revenue increased 19.12 percent YoY to Rs.18.07 billion, while cost of sales increased 16.90 percent YoY to Rs.16.05 million, resulting in a gross profit of Rs.2.02 billion, growing from Rs.1.44 billion YoY.
The asset base as at December 31, 2015 increased to Rs.43.53 billion from Rs.37.16 billion as at March 31 through increased investments in associate companies as well as increased current assets.
Retained earnings increased to Rs.7.47 billion from Rs.6.89 billion, while long and short-term borrowings increased to Rs.14.66 billion from Rs.12.35 billion in the same period.
For the nine months ended December 31, the group made a net profit of Rs.1.26 billion, increasing from Rs.280.78 million YoY.
Profits from the continuing operations increased to Rs.1.26 billion from a Rs.71.99 million loss YoY.
Revenue increased 12.29 percent YoY to Rs.52.59 billion as the cost of sales grew 10.01 percent YoY to Rs.46.85 billion.
The net finance costs fell to Rs.444.85 million from Rs.709.45 million YoY.
In a segmental breakdown for the nine months, the retail segment made an operating profit of Rs.1.21 billion, improving from Rs.800.57 million YoY, while revenue increased to Rs.41.46 billion from Rs.39.27 billion YoY.
The fast-moving consumer goods (FMCG) sector posted an operating profit of Rs.1.15 billion compared to Rs.465.28 million YoY as revenue increased to Rs.12.94 billion from Rs.9.09 billion YoY.
The restaurant segment posted an operating profit of Rs.104.17 million, recovering from a Rs.62.27 million loss YoY, as revenue increased to Rs.2.11 billion from Rs.1.69 billion YoY.
As at December 31, 2015, C T Holdings PLC, controlled by the Page family, held 70.20 percent of the shares in Cargills (Ceylon), while Cargills Deputy Chairman/CEO Ranjit Page held a 6.45 percent stake.
The Employees’ Provident Fund (EPF), as the third largest shareholder, held 3.28 percent.
