The Cargills (Ceylon) PLC Group posted strong third quarter results for the period ending 31 December 2009 with several expansions in its consumer brand portfolio with the launch of ‘Cargills Finest’, a premium European range of processed meats and ‘Milca’, the powdered milk and cheese range.
According to a company press release on its interim financial statements, the Group net profit for the third quarter increased to Rs.189.8 million from Rs.127.2 million for the corresponding period the previous year while revenue decreased slightly to Rs.8.062 billion from Rs.8.072 billion.
The Group net profit for the nine months ended 31 December 2009 grew by 26% to Rs.491 million from Rs.389 million the previous year.
The company said the 2008 profit included a one-off investment gain of Rs.73 million and if this was discounted, profit has grown significantly by 55%. Cargills said this success is attributed to the consumer confidence built by Cargills brands in its distinct differentiation for superior value for money and highest standards of quality and food safety.
During the third quarter, the company’s restaurant business KFC, the largest chain of quick-service restaurants in the island invested in the addition of play areas to further consolidate its business. Cargills said investments in expanding its manufacturing facilities have yielded results in the quarter ended.
The industry growth and market share increases from these investments would be visible in the upcoming quarter.
Cargills remains the largest retailer in Sri Lanka while its consumer foods sector has maintained its growth momentum with continuous market share growth locally and now internationally, the company said.
The third quarter saw the retail sector embark on an accelerated expansion drive with the opening of its latest store in Rajagiriya which is the first of the next 100 Food City outlets that will be established within the course of three years.
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