US-listed rice supplier Amira Nature Foods, which has been accused of corruption, has reported an increase in revenue and profits for the first nine months of its financial year.
Amira said profit after tax almost doubled to US$14.1m in the period to 31 December. Adjusted profit after tax, which excludes non-cash costs for share-based compensation, increased 47.8% to $35.7m Adjusted EBITDA was up 35.7% at $66.5m. Revenue increased 31% to $111.8m.
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The company reiterated its previously-issued guidance and expects full-year fiscal 2015 revenue and adjusted EBITDA to grow in excess of 25%.
The figures were the first to be published since Wall Street research firm Prescience Point suggested Amira's management was over-stating its revenue. It also claimed chairman and CEO Karan Chanana was using company funds for personal use.
Amira has hit back at Prescience Point's claims, calling the allegations "malafide" and "fictitious". The company has also claimed the support of a rival rice supplier, KRBL, after an unnamed executive from its competitor was quoted in Prescience Point's report.
Reflecting on Amira's results, chairman and CEO Karan Chanana said today (2 March): "Amira is better positioned than ever before with the right people, products and strategic initiatives in place to drive incremental sales and profitability."
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