Daily Mirror (Sri Lanka)
The financial performance of the group took a hit due to a number of factors, and the imposition of curfews to contain the outbreak was a key contributor.
Over-production of chicken and broiler day-old chicks and increase in feed prices due to higher raw material prices, were the other two factors that disrupted sales and contributed to the group’s loss of Rs.196 million for the financial year ending March 31, 2020.
In the corresponding period Bairaha Farms PLC recorded a profit of Rs.413 million.
Given the current position of the company, Prof. Furkan said that expansion projects, such as acquisition of land for increasing farm capacity will be put on hold while the present activities are consolidated.
However, he shared that the company will continue to pursue avenues for improving efficiency and cost saving, when introducing new products.
“We will also continue to expand our supporting services to the industry, as far as circumstances permit,” he added.
From an industry viewpoint, Prof. Furkan said government support across diverse areas is required to overcome the obstacles faced by the sector.