Commonwealth Brewery suffered a 21.5 percent year-over-year profit fall in the last quarter, driven in part by lower sales due to "sluggish market conditions" and a rise in the cost of raw materials, among other factors.
Releasing its financial results for the quarter ended March 31, 2014, the company - which produces brands such as Kalik, Heineken, Eclipse, Guinness and Vitamalt - saw its revenue tumble by 1.4 percent in the first quarter to $27 million, compared to the same period last year.
At the same time, operating expenses rose by 2.6 percent to $23.8 million, as a result of increases in the cost of raw materials, consumables and services.
"This cost increase is mainly caused by an overhaul of the production line compared with 2013, and more volume produced than sold. Personnel expenses for the quarter increased by $0.4 million due to both the annual salary increase as well as different phasing in expenses compared to last year," said management in a release.
Cash and cash equivalents rose to $13.86 million, from $12.82 million. Earnings per share fell to $0.11 per share, from $0.14. The company declared a dividend of $0.39 per share related to 2013 to shareholders of record on April 17, 2014, with the total payout amounting to $11.7 million.
Commonwealth Brewery recently added new products to its list of offerings, including a 75-centiliter bottle of Heineken and a "light" version of Vitamalt.
Commonwealth Brewery Managing Director Nico Pinotsis could not be reached for comment up to press time.

Click here to read more at The Nassau Guardian