|
|
 |
 |
| Sunday, 22 December 2002 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Three Acre Farms turnover grows by 66% Three Acre Farms Ltd (TAFL), for the third quarter of the 2002 calendar year, achieved a turnover of Rs 188.269 million which is 66 per cent higher than the turnover recorded by the group during the corresponding period of 2001. The group after-tax profit for 3Q was Rs 5.116 million, as against a loss of Rs 47.059 million during 3Q of 2001, Chairman Primus Cheng Chih Kwong told shareholders. The comparison was made with the period of 2001, when acute power cuts were experienced. On a gross turnover basis, the group's cumulative top-line for the nine months of 2002 was Rs 429.286 million or four per cent lower than last year. Group loss after-tax as at the end of the third quarter was Rs 74.535 million, as against a low of Rs 32.562 million for the corresponding period of last year, Chairman Primus said. The anticipated relief measures were announced with the introduction of a 10 per cent Value Added Tax for the sector from August 1. "Regrettably, these measures fell short of the expectations of the poultry industry. The Government should introduce zero-rating for animal feeds and feed ingredients to reduce the prohibitive cost of production and allow for the growth and substantiality of the poultry industry," Primus said. Primus said that although TAFL registered a profit during the last quarter, the company continues to carry a cumulative loss position. This loss must be viewed as exceptional because of the abnormal conditions which prevailed in the market during the second quarter. At the time the company made its unaudited financial statement, there has been a revival, and barring unforeseen circumstances, TAFL should continue to be profitable. Prices of day-old chicks were encouraging, Primus said. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
