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FMF Foods packaging company posts increase in profits

By RACHNA LAL Atlantic & Pacific Packaging Company Limited recorded a 29.6 per cent increase in its profit after tax for the financial year ending June 30, 2012. A subsidiary
02 Oct 2012 08:37

Atlantic & Pacific Packaging Company Limited chairman, Hari Punja.

By RACHNA LAL

Atlantic & Pacific Packaging Company Limited recorded a 29.6 per cent increase in its profit after tax for the financial year ending June 30, 2012.
A subsidiary of FMF Foods Limited, the company’s profit went up from $510,654 the previous year to $661,836 this year.
This was revealed in the company’s 2012 Annual Report released by the South Pacific Stock Exchange yesterday.
Atlantic & Packaging also recorded a modest growth in sales of about $8.48 million compared to $7.72m the previous year – an increase of 9.8 per cent.
Chairman, Hari Punja, said unlike the previous year, there was no spike in paper prices and thus your company was able to maintain greater stability in its performance this year.
“Increased sales, combined with effective cost control practices resulted in a good operating profit for the company compared to the previous year,” he said.

Outlook
Mr Punja said the company continues to work on developing alternative sources for paper and other critical raw materials in order to reduce operating costs.
“On the flip side, the company is also witnessing reduced off take by some key customers who are facing intense competition for their own products from Asia,” he said.
“It is expected that these two factors would negate each other; therefore, barring unforeseen circumstances, the outlook for the coming year is more or less the same as the current one.”
Atlantic & Pacific Packaging operates as a manufacturer of a wide range of packaging materials including corrugated cartons and assorted containers and packets.




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