May 17, 2017
The launch of popular alcoholic beverages, such as Kalik Radler Cranberry and Pina Colada, contributed to a boost in revenue for Commonwealth Brewery Ltd. (CBL) in the first quarter of this year.
In its first quarter unaudited financials released yesterday, revenue increased by nine percent when compared to the same period last year.
The rise in revenue was impacted by new streams of revenue added to the portfolio during the first quarter 2017, according to the report.
However, operating expenses increased by 11.4 percent mainly as a result of higher import costs for finished products and raw and packaging materials.
"Net income consequently decreased by 11.8 percent compared to the same period last year," the report states.
CBL incurred lost sales of over $2 million as a result of damage sustained to its Clifton Pier manufacturing plant following the passage of Hurricane Matthew.
CBL also endured a loss in stock worth almost $2 million.
As a result, cash flow from operating activities declined.
"Net cash from operating activities decreased by $2.9 million for the first quarter of 2017 as the company continues to complete the restoration efforts as a result of Hurricane Matthew in 2016," the report states.
The financials note that earnings per share for the period in review amounted to $0.09, compared to $0.10 for the first quarter of 2016.
Click here to read more at The Nassau Guardian