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Business Reporter
Colcom Holdings Limited recorded a $7 million profit before tax for the year ended 30 June 2014, representing a 213 percent increase from $2,2 million for the year ended 30 June 2013.
However, the pork processor said for the year to June 2013 once off write downs of assets and expense provisions amounting to about $3,9 million were effected in the income statement.
Revenue increased by 10 percent to $66,5 million. The increase in revenue was driven largely by Associated Meat Packers, which experienced a growth of 67 percent.
Rationalisation of product lines was cited as the major reason for the 10 percent decrease in revenue at Colcom Foods.
Operating profit went up by 82 percent to $8,7 million from $4, 9million. As such, the reviewed financial results show that basic earnings per share jumped by 232 percent to 2,89 cents while headline earnings per share increased to 2,84 cents.
Total assets increased to $42,8 million from $37,2 million and total liabilities jumped to $11,6 million from $10,5 million.
Cash generation for the group was positive for the year ended June 30 2014 with investment going towards fixed assets.
Product development has resulted in reengineering to improve the quality of the products and to extend product shelf life.
As a pork processor, Colcom Holdings Limited is set to benefit from reduced grain prices that might result from bumper maize harvests in some countries in Southern Africa.
The Colcom Holdings Limited board declared a dividend of 1,89 cents per share for the full financial year under review.
Online Reporter