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| Sunday, 25 September 2005 |
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Business |  |
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Three Acre Farms turnover up 43% to Rs. 172.9m in Q 2, 2005 Three Acre Farms Ltd (TAFL) for the first six months of 2005 shows a loss of Rs 24.46 million, 80 percent under the loss of Rs 125.02 million the group recorded in the corresponding six months of 2004. Sales are put down at Rs 327.68 million, for January-June 2005, 40 percent more than the Rs 232.145 million made during the corresponding six months of last year. But, accumulated losses C/F has been computed at Rs 407.73 million, for the first half of 2005, as against Rs 307.55 million during the corresponding months of 2004. Chairman Cheng Chih Kwong Primus has explained to shareholders that against a backdrop of increased demand for broiler meat and eggs, the company was able to command better prices and improve sales volumes. Primus said that group net turnover for the second quarter 2005 was Rs 172.9 million as compared to Rs 121.3 million during the second quarter of 2004, an increase of Rs 51.6 million or 43 percent. Primus says that although breeder farming and hatchery performance of the group improved substantially including reduction in its operating expenses, the group's commercial farms performance was still unsatisfactory. As a result the group registered a net loss of Rs 8.4 million in the second quarter, as compared with the net loss of Rs 34.0 million in the same quarter of 2004. This is despite having a significantly improved gross profit of Rs 46.0 million, as compared with the gross profit of Rs 8.1 million in the same quarter of 2004. Primus said that the progress achieved so far to significantly reduce operating overheads and achieve improved manufacturing performances from all breeding farming units have contributed to increase gross margins and reduce losses. Greater emphasis will be given to the group's breeder farming and hatchery operations, he said. "We operate in highly competitive markets and are well aware that we need to double our efforts to stay ahead. Low costs and improved efficiencies remain fundamental to success in the poultry industry and we intend to identify and take every opportunity to reduce costs further and return to profitability," Primus said. The company and the group have followed the same accounting policies and methods of computation as disclosed in the annual report for the financial year ended End-December 2004, Primus said. EL |
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