Keells Food Products (KFP) reported a net loss of Rs.53.4 million for the quarter which ended December 31, 2009 compared to a net profit of Rs.11.5 million for the corresponding period in 2008.
According to the company’s consolidated provisional financial statements released this week, revenue for the period dropped by 4% to Rs.512 million while gross profit declined by 13% to Rs.108.6 million.
Distribution expenses and other operating expenses increased by 79% and 916% respectively, contributing to the overall decline in profit for the quarter.
KFP also reported a net loss of Rs.107.3 million for the nine months ending 31 December 2009, a 739% decline from a net profit of Rs.16.7 million for the corresponding period in 2008.
Revenue also declined by 2% to Rs.1.3 billion while gross profit decreased by 3% to Rs.308 million.