By Keishara Perera
Cargills Ceylon PLC which entered the confectionary industry in November 2010 by acquiring Diana Biscuits Manufactures, which has now been renamed as Cargills Quality Confectionaries (Private) Limited, is to launch the first range of biscuits made to a new recipe under a new brand name.
In his message to the company annual report 2010/11, Ranjith Page, Chairman, Cargills Ceylon PLC, said that this new launch would without doubt excite customers and the industry with its sensational new selection of biscuit varieties.
Page added in his message that the production plant located in Nalanda, Matale is now being modified to develop a wider product range than what was hitherto marketed under the ‘Helan’ brand.
The chairman further stated in his statement that the company is optimistic that the investment would yield above average returns in the medium to long term and is also aware of the initial impact on the bottom line in terms of higher interest costs and turnaround time of the loss making biscuit operations.
He went on to state that even though Diana Biscuits was a loss making operation they are confident of minimizing this turnaround time based on the company’s previous experience in purchasing loss making business entities and transforming them into formidable industry leaders in the medium term.
Meanwhile Cargills recorded a net profit of Rs. 1 billion for the year ended 31st March 2011 in contrast to a Rs. 712 million net profit during the previous year.
Earnings Per Share of the company stood at Rs. 4.86 for the period under review compared to EPS of Rs. 3.18 in 2010.
source - www.dailymirror.lk
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