Sri Lanka’s Bairaha Farms sees poultry profits reduced
Sri Lanka’s largest poultry company Bairaha Farms, has reported a net fall in profits of 47% to 55.1 million rupees in the June 2011 with revenues down 1% to 565 million rupees.
The company reported earnings of 3.45 rupees per share for the quarter, with Sri Lanka’s poultry stocks becoming speculator favourites with the sector being driven up to high multiples.
Sri Lanka’s poultry industry is volatile and subject to sudden state intervention. The country’s day-old-chick and poultry meat and egg prices rose last year amid shortages as the industry recovered amid state controls of retail prices and maize.
Source: Lanka Business Online
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