Home
Register
ECONOMYNEXT - Sri Lanka's Three Acre Farms, a breeder farm and poultry processing firm said exports of parent stocks rose in 2017, while domestic demand fell as inflation and taxes rose after a currency collapse killing demand for eggs and meat amid a drought.
Sri Lanka being a country without avian flu had helped exports of parent stock chicks, the firm said. Its breeder farms unit had earned revenues of 1.84 billion rupees.
"…[G]rowth was upheld by exports of broiler Parent Stock Day Old Chicks (PS DOCs) to regional countries, which increased by a commendable 28 percent over exports in 2016, but a further increase in revenue was forestalled by a lower demand for layer DOCs due to an unstable egg market," the firm told shareholders.
"However, the Group maintained its revenue from Broiler Day Old Chicks (DOC) despite the glut in the chicken market by ensuring supplies of quality DOC and trust and confidence of our brand."
The company said a drought and floods had also affected. Meanwhile the currency had also depreciated. Higher inflation and a hike in sales taxes was also negative.
Sri Lanka's rupee collapsed from 131 to 150 levels from late 2015 to 2016 and continued to be pushed down by the central bank as it was targeting a real effective exchange rate index.
A currency collapse and the inflation that comes in its wake kills disposable incomes of people, and recouping of forex reserves after slowing credit also hits demand.
However poultry firms get demand support from the tourism sector.
TAFL said in 2017 it earned revenues of 2,401 rupees down 6 percent from 2,543 million a year earlier. Profits fell to 656 million from 814 million rupees.
After the 2011/2012 balance payments crisis and currency collapse, Three Acre Farms killed day old chicks as demand suddenly fell. Profits shrank to 36 million rupees from 170 million. (Colombo/Mar19/2018)
Sri Lanka being a country without avian flu had helped exports of parent stock chicks, the firm said. Its breeder farms unit had earned revenues of 1.84 billion rupees.
"…[G]rowth was upheld by exports of broiler Parent Stock Day Old Chicks (PS DOCs) to regional countries, which increased by a commendable 28 percent over exports in 2016, but a further increase in revenue was forestalled by a lower demand for layer DOCs due to an unstable egg market," the firm told shareholders.
"However, the Group maintained its revenue from Broiler Day Old Chicks (DOC) despite the glut in the chicken market by ensuring supplies of quality DOC and trust and confidence of our brand."
The company said a drought and floods had also affected. Meanwhile the currency had also depreciated. Higher inflation and a hike in sales taxes was also negative.
Sri Lanka's rupee collapsed from 131 to 150 levels from late 2015 to 2016 and continued to be pushed down by the central bank as it was targeting a real effective exchange rate index.
A currency collapse and the inflation that comes in its wake kills disposable incomes of people, and recouping of forex reserves after slowing credit also hits demand.
However poultry firms get demand support from the tourism sector.
TAFL said in 2017 it earned revenues of 2,401 rupees down 6 percent from 2,543 million a year earlier. Profits fell to 656 million from 814 million rupees.
After the 2011/2012 balance payments crisis and currency collapse, Three Acre Farms killed day old chicks as demand suddenly fell. Profits shrank to 36 million rupees from 170 million. (Colombo/Mar19/2018)
» CCS.N0000 ( Ceylon Cold Stores)
» Sri Lanka plans to allow tourists from August, no mandatory quarantine
» When Will It Be Safe To Invest In The Stock Market Again?
» Dividend Announcements
» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්රතික්ෂේප කළ ගණිතඥයා
» SEYB.N0000 (Seylan Bank PLC)
» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
» The Korean Way !
» In the Meantime Within Our Shores!
» What is Known as Dementia?
» SRI LANKA TELECOM PLC (SLTL.N0000)
» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
» Equinox ( වසන්ත විෂුවය ) !
» COMB.N0000 (Commercial Bank of Ceylon PLC)
» REXP.N0000 (Richard Pieris Exports PLC)
» RICH.N0000 (Richard Pieris and Company PLC)
» Do You Have Computer Vision Syndrome?
» LAXAPANA BATTERIES PLC (LITE.N0000)
» What a Bank Run ?
» 104 Technical trading experiments by HUNTER
» GLAS.N0000 (Piramal Glass Ceylon PLC)
» Cboe Volatility Index
» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
» CSD.N0000 (Seylan Developments PLC)
» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
» SAMP.N0000 (Sampath Bank PLC)
» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?