Business Times

Cargills increases annual profits, new MD appointed

The Cargills (Ceylon) PLC Group reported increased net profits for the financial year ended 31 March 2010 as the company’s new Managing Director and Deputy CEO Imtiaz Wahid took over duties earlier this month from Ranjit Page, who is currently Deputy Chairman/CEO. Profits for the year were recorded at Rs.217 million, up from net profits of Rs.150 million for the previous financial year. Group revenue increased by Rs.1.7 billion for the period under review to Rs.8.2 billion.

The Group income statement shows that the cost of sales increased to Rs.7.5 billion from Rs.5.9 billion the previous year. Other income showed a small increase to Rs.149 million while distribution costs and administrative expenses increased.

According to the Group segmental profit (before unallocated overheads), the food and beverages sector profit for the year ended 31 March 2010 increased to Rs.1.5 billion from Rs.1.2 billion the previous year.
The wholesale distribution operation profit eclined to Rs.141 million from Rs.162 million while the leisure sector profits improved to Rs.8.7 million from Rs.3.8 million.

The financial statements also said that the free hold land and building of the Group was revalued as at 31 March 2010 by an independent professional valuer on a depreciated replacement cost basis for buildings and market value basis for land. The revaluation surplus of Rs.3.5 billion is recognized as at 31 March 2010.

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