Rice processor Amira Nature Foods has reported an increase in half-year profits on the back of higher sales.
For the six months ended 30 September, Amira posted a net profit of US$19.6m compared with $13.6m a year earlier. EBITDA for the period was $38.6m, against $28.6bn for the same period last year.
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Sales increased to $280.2m, versus $218.3m a year ago.
The company’s second quarter followed a similar pattern. Net profit was $10.4m, compared to $6.3m in the previous year’s second quarter. Amira’s EBITDA was $19.6m, compared to $14.1m for the same period last year.
Sales increased 30.9% to $141.1m.
“Our strong second quarter performance reflects increased demand and a favorable pricing environment for our products, with strong gains in our core Indian and Middle East markets, while we continue to make progress in our expansion efforts throughout developed markets such as the US, UK and Continental Europe,” chairman and CEO Karan Chanana said.
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