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Sri Lanka: Three Acre Farms yet to pay Rs.1.3 billion to Ceylon Grain Elevators PLC
Sri Lanka’s Three Acre Farms PLC (TAFL) a unit of Singapore based Prima Group, is yet to pay Rs.1.376 billion to Ceylon Grain Elevators PLC (GRAN), a special note on the title of ‘Going Concern’ of the recently released TAFL financial statements for 2010, highlights.
“Amount due to Ceylon Grain Elevators PLC from the Three Acre Farms PLC Group is Rs. 1,376,065,769 (Rs.1.36 billion) and from the company is Rs.964.3 million” Three Acre Farms (TAFL) says in its financials adding that TAFL had considered the due amount as a noncurrent payable in the financials.
Further Three Acre Farms (TAFL) highlights that The Group earned a net pro?t of Rs.229.08 million and a company profit of Rs.146.81 million during the year ended 31 December 2010, with the aggregate loss decreasing to Rs. 476.63 million and company loss to Rs. 407.23 million.
However the financials of TAFL further stresses that Ceylon Grain Elevators PLC (GRAN) a subsidiary of Singapore based Prima group and the parent company of Three Acre Farms PLC confirms their commitment, in present circumstances to continue ?nancial support in the business operations of Three Acre Farms PLC (TAFL) and to meet ?nancial obligations.
“As the major shareholders in Three Acre Farms PLC, they have no intension or inclination of withdrawing their support or reducing the scale of operations of the Company in the forth coming 12 months, ” TAFL says in its financial as Ceylon Grain Elevators has over 57.2% stake in Three Acre Farms.
While Three Acre Farms PLC (TAFL) owes nearly Rs.1.3 billion to Ceylon Grain Elevators (GRAN) Investment Analysts point out that Colombo Stock investors had been recently ridden on an artificial uptrend of both TAFL and GRAN shares shooting up to all time high share price of Rs.242 (TAFL) and Rs.265 (GRAN) amidst a market hype about a high chicken meat demand in the country by some stock market punters.
By J.A. Fernando in Colombo
Colombo, 01 April, (Asiantribune.com)
Sri Lanka’s Three Acre Farms PLC (TAFL) a unit of Singapore based Prima Group, is yet to pay Rs.1.376 billion to Ceylon Grain Elevators PLC (GRAN), a special note on the title of ‘Going Concern’ of the recently released TAFL financial statements for 2010, highlights.
“Amount due to Ceylon Grain Elevators PLC from the Three Acre Farms PLC Group is Rs. 1,376,065,769 (Rs.1.36 billion) and from the company is Rs.964.3 million” Three Acre Farms (TAFL) says in its financials adding that TAFL had considered the due amount as a noncurrent payable in the financials.
Further Three Acre Farms (TAFL) highlights that The Group earned a net pro?t of Rs.229.08 million and a company profit of Rs.146.81 million during the year ended 31 December 2010, with the aggregate loss decreasing to Rs. 476.63 million and company loss to Rs. 407.23 million.
However the financials of TAFL further stresses that Ceylon Grain Elevators PLC (GRAN) a subsidiary of Singapore based Prima group and the parent company of Three Acre Farms PLC confirms their commitment, in present circumstances to continue ?nancial support in the business operations of Three Acre Farms PLC (TAFL) and to meet ?nancial obligations.
“As the major shareholders in Three Acre Farms PLC, they have no intension or inclination of withdrawing their support or reducing the scale of operations of the Company in the forth coming 12 months, ” TAFL says in its financial as Ceylon Grain Elevators has over 57.2% stake in Three Acre Farms.
While Three Acre Farms PLC (TAFL) owes nearly Rs.1.3 billion to Ceylon Grain Elevators (GRAN) Investment Analysts point out that Colombo Stock investors had been recently ridden on an artificial uptrend of both TAFL and GRAN shares shooting up to all time high share price of Rs.242 (TAFL) and Rs.265 (GRAN) amidst a market hype about a high chicken meat demand in the country by some stock market punters.
By J.A. Fernando in Colombo
Colombo, 01 April, (Asiantribune.com)
