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Thursday, August 18, 2011

Kotmale 1Q net up; to exit from milk powder biz

By KeisharaPerera

Kotmale Holdings PLC recorded a Net Profit of Rs. 22 million during the quarter ended 30th June 2011 compared to Net Profit of Rs. 15 million during the same quarter of the previous year. Meanwhile, revenue of the company increased to Rs. 482 million with 35% net growth from the corresponding period in 2010.

Revenue stood at Rs. 355.7 million during the 1Q of the previous year. However tax expenses of Kotmale PLC increased by 54% to Rs. 3.4 million for the quarter ended 30th June 2011, from Rs. 2.1 million of the same quarter in 2010.

Earnings per share stood at Rs. 0.70 for the period in consideration in comparison to Rs. 0.48 of the corresponding period in 2010.

Stuart Young, Chairman, Kotmale Holdings PLC, mentioned that the company is exiting from the powdered milk business and will focus on the more sustainable liquid milk business segment, as it drives the government’s policy of milk sufficiency by 2020.

Young added that the market dynamics were not conducive for re-entry into the milk powdered market as it being a small player, they compete against multi-national milk powder importers and are not equipped to deal with the fluctuations in price and duty structures.

source - www.dailymirror.lk