FMF pre-tax half year profits boost
FMF Foods Limited has recorded a 54 per cent increase in net profit before tax for its half year ending December 31, 2013.
During this period, FMF Foods Limited’s sales revenue was also boosted through a 10 per cent increase to previous corresponding half year.
The company recorded over $112 million as sales revenue compared to $102 million the previous corresponding period.
FMF Foods Limited group chief executive, Ram Bajekal, said the large increase was a result of difference in wheat prices in previous financial year.
“As the chairman had said in our 2013 Annual Report, for the first seven months of the past financial year, we were hammered. This was because the wheat prices had gone up 40 per cent,” he said.
“So last year it was an abnormal situation and we were not able to take up the flour prices till end of October. So almost four months, we operated well below cost.”
Meanwhile, the pre-tax profit for its subsidiary, Rice Company of (Fiji) Limited, has also increased by 29 per cent to $1.5 million from previous corresponding period.
Rice Company of (Fiji) Limited’s sales revenue for the half year period also increased by 19 per cent to almost $11 million from the previous corresponding period.
Source: Fiji Sun
Date: March 21st, 2014
Reported by: RACHNA LAL