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| Sunday, 6 January 2002 |
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| News Business Features Editorial
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Anchor, Ratthi prices reduced New Zealand Milk (Lanka) Pvt. Ltd., a 100 per cent subsidiary of Fonterra Co-operative Group Ltd., has announced a reduction in the retail selling price of two of its leading brands. The price of a 400g pack of Anchor full cream milk powder will drop by two rupees to Rs. 127 while the price of a 400g packet of Ratthi will be reduced by four rupees to Rs. 120. Managing Director of New Zealand Milk (Lanka) Matthew Oldham said in a statement that his company had not received any subsidy in the past and had therefore been forced to increase prices in October in response to severe increases in world milk powder prices, devaluation of the rupee and increases in other costs. Other milk powder brands had maintained lower price levels through a subsidy mechanism. He stated that although his company is still in a very serious financial predicament, with losses being incurred, a slight easing of global milk prices now allow Anchor and Ratthi to pass on those reductions to the Sri Lankan consumer. |
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