Cargills posts impressive 1H results
Growth in operating profit 60 percent:
Cargills (Ceylon) PLC (CCP) recorded excellent first half results for
the period ended September 30, 2009. In the first six months of the
previous year, CCP accounted for a one-off income of Rs 73 Mn arising
from the disposal of its quoted investments.
Excluding this one-off income, the growth in operating profit is an
impressive 60 percent.
This growth which is a business growth in real terms is highly
commendable as it was achieved in a period where inflationary pressures
remained under check.
The Group has been successful in containing costs across the board
and this too has contributed to the profit growth. The second half of
the financial year has the added advantage of seasonal benefits and the
Group is confident of outperforming the first half year results in the
ensuing period. The company's brands Cargills Food City, Cargills Magic,
Cargills Kist and KFC have achieved significant growth in their market
The company also reports the declaration of an interim dividend
payout of 30 cents per share on November 4, 2009 (Rs 67.2 million) which
is the highest ever interim dividend declared to date.