Renuka Agri Foods December net up to Rs.76mn

Renuka Agri Foods PLC, a Renuka group company, which has interests in food manufacturing and plantations, posted a Rs. 75.67 million net profit for the quarter ended December 31, 2016, up from Rs. 65.19 million year-on-year (YoY), financial statements released to the Colombo bourse indicated.
Earnings per share increased to Rs. 0.13 from Rs. 0.12 YoY.
Revenue for the quarter increased to Rs. 659.13 million from Rs. 650.62 million YoY, while cost of sales declined to Rs. 510.77 from Rs. 550.08 million YoY. The entity’s asset base at the end of December stood at Rs. 3.39 billion, 

up from Rs. 3.15 billion at the start of the financial year, with a subsidiary purchasing a land with cashew cultivation in Puttalam for Rs.138.4 million last December.
The net assets value per share increased to Rs. 4.76 in December from Rs. 4.42 at the end of March 2016.
For the nine month ended December 31, 2016, net profits increased to Rs. 257.89 million from Rs. 214.40 million YoY, while earnings per share improved to Rs. 0.46 from Rs. 0.37 YoY.
Revenue increased to Rs. 1.92 billion from Rs. 1.83 billion YoY while cost of sales increased marginally YoY to Rs. 1.5 billion.
The food manufacturing segment contributed with Rs. 1.91 billion in revenue for the nine months, up from Rs. 1.82 billion YoY, and Rs. 266.62 million after-tax proifit, growing from Rs. 207.61 million YoY.
The plantation segment showed signs of decline, with revenue edging down to Rs. 39.19 million from Rs. 40.09 million YoY and recording a post tax loss of Rs. 9.57 million against a Rs. 2.31 million after-tax profit YoY.
Renuka Foods PLC controls 60 percent of Renuka Agri Foods, while Greven Holdings Ltd owns 6.18 percent of the shares. Renuka Agri Foods Chairman Dr. S. R. Rajiyah and Director I.R. Rajiyah own 4.52 percent of the shares.