Mr Chips serves up tasty result

The food company has reported a full-year net profit of $1.28 million to the end of March, a 27% jump on last year. Sales rose 13% to $20.1 million.

"Most of the main manufactured product lines achieved increased sales with exports being particularly noteworthy, but a lack of suitable raw material constrained sales of kumara products," the company says.

"The increase in profit is largely due to the lift in sales compounded by improved plant utilization."

Mr Chips says it managed to purchase potatoes at attractive spot prices several times during the year, which offset oil price related cost increases.

Sales of "Silver Fern" branded meat products through the company's distribution network also increased significantly while ACC charges were greatly reduced.

A final dividend of 2.5 cents per share was paid on 30 March 2001 which brought the year's total to 6.5 cents per share.

Mr Chips says it is budgeting for a 2001/02 profit that will comfortably exceed this year's result.

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