Caribbean Cream is reporting for the three months ended May 31, 2019 revenues of $418-million.
This represents an increase of 1-percent or $6-million over the same period last year. Chief Executive Officer, Christopher Clarke says the two weeks of factory closure during this quarter to undertake modifications and repairs to enable them to gain food safety Certification was the reason for the decline in sales.
In his report he pointed to cost of operating revenue for the quarter of $283-million. This represents an increase of 7-percent or $17-million over last year due to general local price increases.
Gross profit realized was nearly $136-million. Net Profit before tax for the quarter was $24-million, a decrease of 57-percent or 32-million when compared to the same period last year.
The company says Administrative costs of $92-million, recorded an increase of $16-million or 21-percent, due primarily to increased costs in utilities, rental and repairs and maintenance of the depots.
Taxation for the quarter was recorded at nearly $3-million resulting in a Net Profit after tax of almost $21-million. Caribbean Cream closed the quarter with earnings per stock unit of 5-cents.