Farsons reports higher profits
Interim results
Farsons' pre-tax profit more than doubled in the six months up to the end of July compared to the same period last year, interim results issued yesterday show.
Group turnover for the period to July 31, 2007 increased by 4 per cent from Lm13,957,000 (€32,511,064) to Lm14,485,000 (E 33,740,973) while profit before tax amounted to Lm1,422,000 (E 3,312,368) compared to Lm590,000 (E 1,374,330) for the same period last year. Profit after tax reached Lm1,238,000 (2006: Lm467,000).
"This set of interim results reflect an improvement in all our business units," Louis Farrugia, Group CEO, said. "They have been largely achieved as a result of successful new product launches, a better economic environment, a good tourist season and a hot summer, as well as a doubling of export revenues.
They also reflect a "one-off" profit of Lm463,000 (€1,078,499) on the sale of properties surplus to the group's requirements.
"These improved results are the culmination of a good team effort from all the group's 900 employees and augurs well for the future challenges ahead," Mr Farrrugia said.
Farsons said that the Lm10,500,000 (€ 24,458,420) investment in a new soft drinks packaging hall and a new logistics centre was nearing completion. The investment would enable the group to face the full liberalisation of current packaging restrictions for soft drinks as from January 1, 2008.
As announced at the annual general meeting, the board has commissioned the preparation of a set of valuations for all the group's properties.
During the period under review, the company paid ordinary shareholders an interim dividend of Lm75,000 on May 16, 2007 and a final dividend of Lm425,000 on June 27, 2007 in respect of the financial year ending January 31, 2007. These dividends were paid out of tax exempt profits resulting in net dividends to the ordinary shareholders of Lm500,000, equivalent to Lm0.0194 per share.
The board is recommending a net interim dividend of Lm100,000 in respect of the financial year ending January 31, 2008 payable on October 19, 2007 to ordinary shareholders who will be on the register of members of the company on October 5, 2007. The interim dividend will be paid out of tax exempt profits and is equivalent to Lm0.0039 per share.
Group turnover for the period to July 31, 2007 increased by 4 per cent from Lm13,957,000 (€32,511,064) to Lm14,485,000 (E 33,740,973) while profit before tax amounted to Lm1,422,000 (E 3,312,368) compared to Lm590,000 (E 1,374,330) for the same period last year. Profit after tax reached Lm1,238,000 (2006: Lm467,000).
"This set of interim results reflect an improvement in all our business units," Louis Farrugia, Group CEO, said. "They have been largely achieved as a result of successful new product launches, a better economic environment, a good tourist season and a hot summer, as well as a doubling of export revenues.
They also reflect a "one-off" profit of Lm463,000 (€1,078,499) on the sale of properties surplus to the group's requirements.
"These improved results are the culmination of a good team effort from all the group's 900 employees and augurs well for the future challenges ahead," Mr Farrrugia said.
Farsons said that the Lm10,500,000 (€ 24,458,420) investment in a new soft drinks packaging hall and a new logistics centre was nearing completion. The investment would enable the group to face the full liberalisation of current packaging restrictions for soft drinks as from January 1, 2008.
As announced at the annual general meeting, the board has commissioned the preparation of a set of valuations for all the group's properties.
During the period under review, the company paid ordinary shareholders an interim dividend of Lm75,000 on May 16, 2007 and a final dividend of Lm425,000 on June 27, 2007 in respect of the financial year ending January 31, 2007. These dividends were paid out of tax exempt profits resulting in net dividends to the ordinary shareholders of Lm500,000, equivalent to Lm0.0194 per share.
The board is recommending a net interim dividend of Lm100,000 in respect of the financial year ending January 31, 2008 payable on October 19, 2007 to ordinary shareholders who will be on the register of members of the company on October 5, 2007. The interim dividend will be paid out of tax exempt profits and is equivalent to Lm0.0039 per share.