June 23, 2011

 

Bairaha Farms establishes new farm in Puttalam

 

 

Sri Lankan poultry producer, Bairaha Farms is putting in INR360 million (US$8.01 million) to build a new broiler farm in Puttalam.

 

"Bairaha Farms entered into an agreement with the Board of Investment (BoI) in December 2010, to set-up a large scaled state-of-the-art Broiler Farm in a 48-acre plot of land located in the Puttalam District," stated Yakooth Naleem, Chief Executive Officer. This is to be set up under a newly incorporated wholly-owned subsidiary company of Bairaha Farms PLC named Nature's Best Industry Ltd.

 

Nature's Best Industry Ltd will enjoy a 10-year tax holiday during its first year of making profit or not later than two years from the date of commencement of operation, which ever comes first.

 

"We estimate that this project will progressively increase our broiler birds' production capacity by about 15-20% per year over the next three years," remarked Naleem. The first batch of birds is expected to be harvested in August/September 2011.

 

Accroding to the annual report, Bairaha Group recorded a net profit of INR486 million (US$10.8 million) for the period under review compared to the INR134 million (US$2.99 million) net profit the previous year. The group further recorded a 24% growth in revenue and 263% increase in profit compared with the previous year with the share price of Bairaha Farms hitting an all time high of INR525 (US$11.7).

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