Farsons doubles pre-tax profit
Simonds Farsons Cisk said yesterday that its pre-tax profit doubled in the year up to January 31, 2007, reaching Lm969,000 from Lm487,000 in the previous year. Turnover was up by two per cent to Lm26.7 million.The company attributed the improved...
Simonds Farsons Cisk said yesterday that its pre-tax profit doubled in the year up to January 31, 2007, reaching Lm969,000 from Lm487,000 in the previous year. Turnover was up by two per cent to Lm26.7 million.
The company attributed the improved results to increased sales of beer and beverages and a reduction in selling, distribution and administration costs, along with continued improvement in the performance of Quintano Foods and a reduction in losses in subsidiaries Guido Vella Ltd and Vita Sana Srl.
Group chief executive Lewis Farrugia said: "We are on the right track for further improvement. We are continuing to cut administrative costs, improve productivity and quality as well as adding new innovative products to our portfolio. We are also pleased with out export results".
Farsons is currently building a new Lm10.6 million soft drinks packaging hall and logistics centre, which is nearing completion. Wands Ltd and Anthony Caruana and Sons Ltd will transfer to the new logistics centre next year, freeing up their current sites for development.
"The Farsons Group is transforming itself and adapting to the new realities of the market place," Mr Farrugia said.
The directors are recommending the distribution, out of tax exempt profits, of a final net dividend of Lm425,000 (1c65278 per share) on all ordinary shares of 12c5 each to be paid by not later than June 30.
An interim net dividend of Lm75,000 (0c29167 per share) has already been approved . This will result in a total net dividend to the ordinary shareholders of Lm500,000 (1c9444 per share).
The company attributed the improved results to increased sales of beer and beverages and a reduction in selling, distribution and administration costs, along with continued improvement in the performance of Quintano Foods and a reduction in losses in subsidiaries Guido Vella Ltd and Vita Sana Srl.
Group chief executive Lewis Farrugia said: "We are on the right track for further improvement. We are continuing to cut administrative costs, improve productivity and quality as well as adding new innovative products to our portfolio. We are also pleased with out export results".
Farsons is currently building a new Lm10.6 million soft drinks packaging hall and logistics centre, which is nearing completion. Wands Ltd and Anthony Caruana and Sons Ltd will transfer to the new logistics centre next year, freeing up their current sites for development.
"The Farsons Group is transforming itself and adapting to the new realities of the market place," Mr Farrugia said.
The directors are recommending the distribution, out of tax exempt profits, of a final net dividend of Lm425,000 (1c65278 per share) on all ordinary shares of 12c5 each to be paid by not later than June 30.
An interim net dividend of Lm75,000 (0c29167 per share) has already been approved . This will result in a total net dividend to the ordinary shareholders of Lm500,000 (1c9444 per share).