AUS: SunRice posts H1 profit jump
Australia's SunRice has reported an increase in half-year profits after revitalising its export business in a number of markets.
SunRice announced a 24% increase in group profit after tax to A$15m for the six months to the end of October.
The company pointed to higher volumes as it re-started business in certain export markets. Group revenue was up 7.7% at A$519m.
"Of critical importance has been the rice milling and marketing businesses' ability to efficiently handle increased volumes, rapidly re-establish export markets and seek out new marketing opportunities," CEO Rob Gordon said.
However, Gordon said SunRice was "cautious" about its prospects in the second half of its financial year. Commodity prices are set to "soften", which could result in lower selling prices, he said.
"The challenges our subsidiary Riviana has in achieving price realisation, particularly in retail markets, may also impact our second half performance," he added.
- Comment: Nestle reacts to world of 3G and Buffett
- Why it is too early to call Unilever food revival
- France takes big step to uniform FOP labels
- What the analysts say: Nestle's Q1
- How will Flowers Foods grow in speciality bread?
- Nestle CFO Martello to move to head Asia unit
- Nestle sales rise on emerging markets, pricing
- Unilever food, refreshment sales rise
- Mondelez launches whipped Philadelphia in UK
- Kerry Group launches Meateors meat snacks