SL Agritech 6-month net profit up 13.4%

Credit to Author: The Manila Times| Date: Mon, 31 Dec 2018 16:11:26 +0000

HYBRID rice producer SL Agritech Corporation posted net profit of P245.27 million in the six-month period ending November, 13.4 percent higher compared to a year earlier based on unaudited results.

In a disclosure, the firm reported P2.18 billion in revenues and cost of sales totaling P1.48 billion, 25 percent and 13.4 percent higher, respectively, from the same six-month period last year.

Net sales rose by 25.07 percent to P436.53 million, which it attributed to continuing demand for Doña Maria rice products and increased farmer preference for SL-8H seeds.

Total operating expenses of P317.57 million were P48.21 million higher from the previous year due to higher rental payments for storage and additional selling expenses.

Finance cost rose by 38.71 percent to P202.70 million.

“The significant change was due to use of added debt financing to support working capital requirement and higher interest rates,” the company explained.

SL Agritech posted a foreign exchange loss of P488,979 during the period, a reversal from the last year’s P2.01 million, which it attributed to the revaluation of foreign currency bank accounts and receivables/payables.

Subsidiary Sterling SL Agritech, based in Myanmar, also posted a loss of P5.7 million, the firm said.

SL Agritech is the country’s largest local hybrid rice seed company operating with fully integrated operations. It offers rice, hybrid rice seed, agri-chem, and corn products.

To date, the company has four hybrid rice and hybrid seed production sites operating in the country which are located in Sta. Cruz, Laguna; Lupon, Davao Oriental; and Talavera, Nueva Ecija; and Matanao, Davao del Sur.

Aside form “Doña Maria”, the corporation distributes premium rice products under the brand names “Cherry Blossom” and “Willy Farms.”

The post SL Agritech 6-month net profit up 13.4% appeared first on The Manila Times Online.

http://www.manilatimes.net/feed/