Sat, 04 Feb 2023 Today's Paper

Bairaha Farms records higher 3Q earnings despite market disruptions

By

28 January 2021 09:19 am - 0     - {{hitsCtrl.values.hits}}

A A A

Leading poultry firm Bairaha Farms PLC emerged stronger during the three months ended December 2020 (3Q21), as it successfully navigated the market disruptions caused by the pandemic and the supply challenges caused by the shortfall in maize, a key ingredient in poultry feed. 


According to the interim results for the October-December quarter, the company reported revenues of Rs.1.17 billion, up from Rs.1.16 billion in the same period a year ago. 

The company’s top and bottom lines were impacted by the Easter Sunday attacks in April 2019, as the tourism trade went awry and its sales didn’t recover to pre-crisis levels till November, that year. 


It was surprising how good the company had confronted the pandemic-related stresses, as tourism and restaurant trades were nearly decimated for the most part of last year. 


The company said it resorted to door-to-door delivery at the height of the pandemic and launched two new products through the delivery channel itself, taking cognisant of the upended nature of retail and shopping with the pandemic. 


The company reported earnings of Rs.7.54 a share or Rs.120.7 million for the quarter under review, compared to a loss per share of 5 cents or Rs.742.9 million in the corresponding period in 2019. 


For the nine months ended on December 31, 2020, the company reported earnings of Rs.6.88 a share or Rs.110 million on a revenue of Rs.3.64 billion, up 9 percent from the same period a year ago. 


The company is engaged in the complete poultry supply chain via its joint venture and subsidiary companies, as it does chicken processing, parent breeding, production of broiler day-old chicks, broiler farming and value-added meat manufacturing. Bairaha owns a 50 percent of the joint venture Fortune Agro Industries (Pvt.) Limited, which runs a feed mill. The JV helps the company to minimise undue volatility in the supply chain caused by the sporadic issuance of permits to import of corn. 


The company, along with its other joint venture entity Windsor Real Estate Limited, in 2019 completed the acquisition of lands, buildings and silos from CIC Grain Private Limited for Rs.340 million, for the purpose of storage and drying of maize. In January 2020, the government announced an import ban on maize and groundnuts effective from January 15, to help local farmers, due to the bumper harvest.

 


Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Pain and punishment

Should we spare the rod and spoil the child? Does it really happen? Children

Health System in the emergency room

Sandya Kumari from Kotahena has been experiencing chest pains since 2015 and

Canada’s targeted sanctioning of Gota and Mahinda

History was made last week when two former executive presidents of Sri Lanka

SC judgement on Easter attack: Court rules negligence stood in the way of avoiding most heinous crime

“On the ill-fated day of 21st of April 2019, this island home was awoken ru