Sunrice happy with financials
Leading Australian branded foods business, Sunrice, has announced a strong financial result for the six months ended October 31, 2011.
Sunrice chairman Gerry Lawson said he was particularly pleased with the performance despite world medium grain rice prices continuing on a downward trend.
Consolidated revenue for the six months to October 31, 2011 was $482 million - 24 per cent higher than the same period last year.
Profit after tax was $12.2 million, compared to $5.2 million as at October 31 last year.
‘‘This result has been achieved despite a strong Australian dollar and in a highly competitive market with medium grain prices continuing to decline,’’ Mr Lawson said.
‘‘In the first six months we have regained market share following the drought.
‘‘Our strategy to target first half volumes has delivered the right result.’’
gearing fluctuates from month to month, Mr Lawson said the timing of sales into tender markets has delivered improved cash flow and working capital.
He said it has resulted in an average gearing for the six months of 98 per cent.
Subject to the timing of receipt of the 2011 / 2012 rice crop, our forecasts indicate that gearing at year end is expected to be around 100 per cent.
Sunrice acting CEO David Keldie said the business remained strong and would continue to focus on growing its global markets, product and marketing innovation.