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Farsons report a significant improvement in interim results 10/4/2006

The logistics centre being built by Farsons in Mriehel. Group CEO Louis A. Farrugia said the building of the new Lm10.5 million softdrinks bottling complex and logistics centre are "on schedule and on budget".

The Farsons Group announced the Interim Financial Results for the first six months ending on 31 July 2006, which show that turnover reached Lm13,957,000 representing an increase of Lm391,000 (2.88%) when compared to the Lm13,566,000 for the same period last year. Profit attributable to Equity holders increased from Lm187,000 in 2005 to Lm467,000 this year .

Commenting on the key factors affecting the trading results during the period under review, Mr Louis Farrugia, Group Chief Executive, said “Given the poor tourist season these results are encouraging and put Farsons back on the right track.  They have been achieved through increased sales during the summer months, helped by prevailing high temperatures.  We have also managed a reduction in our operating and administrative costs and lower interest costs due to better management of our working capital and funding costs.  Quintano Foods Limited once again is reporting a further improvement in turnover and profitability, while both Guido Vella Ltd and Vita Sana Srl registered improved results.”

The Farsons Group is anticipating that certain losses, particularly those relating to the Galleria complex incurred in the second half of last year will not recur in the second half of the current year. 

The condensed consolidated profit and loss account approved by the Board reports an overall improved performance with gains in gross profit, operating profit and profit from continuing operations. Earnings per share on continuing operations have also improved to 2c1 from last year’s 0c9.

Mr Farrugia continued “We report these interim results at a time when we are in the midst of a heavy investment programme of a Lm10,500,000 soft drinks bottling complex and a logistics centre which are on schedule and on budget.  These investments will be completed in time for the changes in packaging legislation for soft drinks due in January 2008.  We are working hard to ensure that we shall be ready well in time for this event both infrastructurally and operationally”.