Blue Power Group reports after-tax profit of $80 million

Blue Power Group reports after-tax profit of $80 million

Wednesday, July 29, 2020

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Soap manufacturer Blue Power Group Limited (BPG) recently reported an after-tax profit of $80 million for the financial year which ended April 30, 2020, despite a 42 per cent decline when compared to the previous corresponding year.

According to chairman Dhiru Tanna, the financial report is the result after the separation of the Lumber Depot Division, effective August 1, 2019. This was accomplished by the creation of the company Lumber Depot Limited (LDL) which took over the assets and liabilities of the division.

“Since August 1, 2019, the company's revenues have come from the manufacture of soap, rental of commercial property and the provision of management services to LDL. As such, for the financial year ended April 30, 2020, we have included the first-quarter results of LDL as being from discontinued operations,” Tanna informed.

Profit after tax from continuing operations amounted to $59 million compared to $73 million in the prior year; however, with a profit of $21 million from discontinued operations, overall profit amounted to $80 million.

During the year, BPG nevertheless incurred a one-off restructuring charge of $30.3 million associated with the divestment and discontinuation of the activities of the Lumber Depot Division.

The financial results from continuing operations for the 12 months ended April 30, 2020 showed revenue of $485 million as compared to $469 million in the previous year.

The chairman further indicated that the company has avoided the ill effects of the COVID-19 pandemic, and production and sales have maintained the levels achieved in the previous year.

The improved results reflect overall sales growth supported by continued efforts to develop and maintain export markets. Approximately 20 per cent of the company's sales go to Caricom countries.

Earnings per share for the period under review stood at $0.14.


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