Commonwealth Brewery Limited (CBL) remains cautiously optimistic on its short-term, post-Dorian outlook, as it posted a net revenue increase in its third quarter results ending September 30, outpacing first-half declines.
CBL noted that those results held even in the wake of Hurricane Dorian which “destroyed one of Commonwealth Brewery Limited’s eight retail outlets and its distribution center in Freeport, as well as the company’s three retail outlets and distribution center in Abaco”.
The report stated that by the end of September, the company reorganized its operations and resumed distribution on both islands.
In its consolidated financial statements CBL noted, however, that revenue intake for the third quarter softened by 0.5 percent compared to the same period in 2018.
“Net income for the year to September was $4,981,847, compared to $5,482,757 in 2018, reflecting the one-off restructuring costs and stronger revenue performance since the second quarter of 2019,” CBL noted.
“Notably, net profit for the three-month period ended September 2019 grew $1,684,583 from a loss position for the comparative period of 2018.
“The third quarter of 2019 yielded a continued positive trend in which net revenue grew 2.9 percent comparatively.
“Operating expenses year to date September reduced by 0.9 percent, supported by a continued decline of 3.9 percent during the quarter, principally driven by the cost alignment measures reported on earlier in the year.”
CBL explained that its results to date are “encouraging” and “indicate that our cost realignment, infrastructural and workforce improvements, together with our continued commercial focus, are producing the desired results”.