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Sri Lanka Agstar Fertilizers buy rice processor

Feb 19, 2013 (LBO) - Sri Lanka's Agstar Fertilizers Plc said it had bought control of a rice processing and distribution company for 41.7 million rupees. The firm said in a stock exchange filing that it had bought 51 percent of Mahaweli Rice Processing Industries (Pvt) Ltd, based in Sandunpura, Dehiattakandiya.

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In the December 2012 quarter the firm said it made 104 million rupees in profits, up 23 percent from 86.7 million rupees a year earlier.

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Revenues also rose 24 percent to 576 million rupees in the quarter, from a year earlier.