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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Keells Food improves Q1 profits as it prepares to expand

Keells Food improves Q1 profits as it prepares to expand

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Keells Food Products PLC, Sri Lanka’s biggest processed meat manufacturer now expanding its business in the face of rising demand, has boosted first quarter revenue by a marginal 3% to Rs.542.3 million in the three months ended June 30, 2012 and profits by 11% to Rs.17.8 million attributable to equity holders of the parent.

An extraordinary general meeting of the company held last week adopted a resolution approving an investment of Rs.700 million to acquire a meat processing factory at Pannala including the leasehold rights to the land on which it stands.

KFP told its shareholders that its existing factory at Ja-Ela was reaching maximum capacity and the acquisition of a production facility belonging to D&W Food Products (Pvt) Limited had given the company the advantage of commencing increased production immediately as opposed to setting up a new production facility.

KFP plans to expand this factory to meet the increased demands of the market and has estimated the cost of expansion at Rs.650 million.

The company is floating a rights issue of two ordinary shares of the company for every share presently held priced at Rs.60 to raise funds for the acquisition and expansion.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58441

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