August 13, 2014
Commonwealth Brewery has suffered a net income fall of 8.3 percent for the year to date, notwithstanding a 2.5 percent rise in profit in a "solid" second quarter.Net income for the six months ended June 30, 2014 fell to $8.8 million from $9.6 million, financial results released yesterday revealed. Total operating expenses were up to $50.5 million, from $49.1 million.However, the BISX-listed company posted net income for the second quarter of $5.4 million, a rise over the $5.2 million recorded in the same period last year.The company - which produces Kalik, Heineken, Vitamalt and Guinness, among other brands - saw revenue rise 4.8 percent in the quarter ended June 30, 2014, thanks to a higher sales volume in beer.
"The strong Q2 performance more than compensated for a weak Q1 leading to a year-to-date revenue growth for 1.9 percent," said the company, in comments from management accompanying the results released yesterday.For the first six months, Commonwealth Brewery was able to increase its net cash from operating activities by 87 percent, to $9.6 million, a change it attributed to "better working capital performance". Cash and cash equivalents for the end of the six month period amounted to $3.4 million, a fall from $4.3 million during the same period last year.The company paid an $11.7 million dividend related to the year 2013 in April 2014.Managing Director Nico Pinotsis was said to be out of office yesterday. The company's financial controller did not return a message seeking comment up to press time.
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