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Thursday, January 27, 2011

Sri Lanka Keells Food drops Indian re-seller plan

Jan 27, 2011 (LBO) - Sri Lanka's Keells Food Products, a unit of John Keells Holdings said it had dropped plans to appoint a 'master distributor' for India and will instead export directly to the country.

The firm first set up its own subsidiary John Keells Foods India (Pvt) Ltd but lost money in the operation. The losses have now been written off showing a loss at company level.

In the December 2010 quarter the firm returned to consolidated profits of 19.5 million rupees, from a loss of 53 million rupees a year earlier.

Revenues rose 30 percent to 665 million rupees in the quarter. Demand for processed food is on the rise in Sri Lanka especially with a tourism boom underway.

For the nine months to December the firm reported profits of 29.6 million rupees, against a 107 million rupees loss a year earlier and revenues rose 21 percent to 1.6 billion rupees.

The firm reported earnings per share of 2.30 rupees for the quarter and 3.49 rupees for the nine months. The stock traded at 148 rupees up 3.00 rupees intra day Thursday.

source - www.lbo.lk