Commonwealth Brewery Limited (CBL) revealed yesterday that it incurred lost sales of over $2 million as a result of damage sustained to its Clifton Pier manufacturing plant following the passage of Hurricane Mathew. CBL also endured a loss in stock worth almost $2 million.
In the company's audited 2016 annual report, CBL experienced losses due to inventory destruction, property damage and lost sales due to the impact of the hurricane that occurred last year October.
But the company was able to recover its losses in stock and sales via its insurance plan.
"These losses were covered by the group's comprehensive insurance plan and resulted in recoveries of stock and lost sales of $1,930,712 and $2,800,000 respectively for the period to December 31, 2016," the report states.
The amounts from the insurance recovery were recognized as other income in the report because it is considered an extraordinary event.
"Property, plant and equipment damage recovery and restoration was ongoing at December 31, 2016, is also covered under the insurance plan and is not expected to result in any financial loss," the report adds.
The company's revenue from customers in The Bahamas totaled $117.14 million at the end of 2016, which is a decrease in over $5 million when compared to 2015. U.S customer sales also declined in 2016 and totaled $634,426.

Click here to read more at The Nassau Guardian