Kalik and Heineken brewer, Commonwealth Brewery Limited, saw a seven percent profit drop for the nine months ending September 2013, a fall it has attributed primarily to lower sales in its first quarter and higher marketing expenses.
The net income fall, to $13,425,689 for the nine months ending September 2013, compared with $14,421,275 for the same period in 2012, came even as the beer maker boosted its overall revenue in the third quarter over last year despite a slower economy and the "ongoing parallel import of beer in the market".
"Sales revenue year-to-date stayed 0.6 percent behind compared to 2012 due to lower sales in Q1. The first quarter of 2012 was exceptionally strong due to a high level of activities in the domestic market and a strong Spring Break season," said the company's management in a statement accompanying the latest results.
Operating expenses rose in the third quarter by 3.3 percent, including a rise in marketing expenses, which saw spending in this area eclipse that in the previous year.
"Personnel costs increased in line with regular wage increases and due to additional recruitment to improve customer service.
"Year-to-date operating expenses increased 1.1 percent, driven by higher marketing expenses and slightly higher personnel costs."
Earnings per share fell slightly to $0.45 per share in September 2013, as compared with $0.48 last year.

Click here to read more at The Nassau Guardian