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INDIA - Avanti Feeds misses estimates as profits dip

India\'s Avanti Feeds saw turnover rise in the fourth quarter of its financial year, but earnings and profits both dipped. While revenue and profit after tax for the full 2018 year were in line with estimates, operating profit missed by 9%.

May 31, 2018

India\'s Avanti Feeds saw turnover rise in the fourth quarter of its financial year, but earnings and profits both dipped, and missed estimates, noted India Info Line.

Turnover rose 24% to INR 8.34 billion ($122.8 million), but expenses rose strongly, knocking profit before tax and exceptional items down 4.6% to INR 1.24bn.

While revenue and profit after tax for the full 2018 year were in line with estimates, operating profit missed by 9%.

Revenue was up 30% at INR 3.39 trillion, and profit before tax rose from INR 3.37bn to INR 7bn.

“We are very optimistic about the Avanti operation,” Bryan Rosenberg, top executive with Chicken of the Sea Frozen Foods, told Undercurrent News of parent firm Thai Union Group’s new joint venture plant in India with Avanti.

“It’s really a state-of-the-art plant, with all the newest technology.”

Source: Undercurrent News // Original Article

 

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