Caribbean Cream makes profit of $43.4 million

Business

Caribbean Cream makes profit of $43.4 million

Sunday, January 19, 2020

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Caribbean Cream Limited, manufacturers of Kremi ice cream on Tuesday (January 14) reported an after-tax profit of $43.4 million for the nine months ended November 30, 2019, despite a 54.8 per cent decrease when compared to the corresponding period last year.

Chairman Carol Clarke Webster, in reporting to stockholders, indicated that revenues for the period under review amounted to $1.2 billion, an increase of eight per cent or $88 million when compared with the corresponding period in 2018.

Operating expenses for the nine-month period totalled to $347 million, a 16 per cent or $49 million increase. According to Clarke Webster, this was influenced by annual increases in salaries, expenses associated with opening an additional depot, utilities and, depreciation on the capitalisation of the production building.

She further added that the company's equity has remained flat totalling $872 million when compared to last year's $877 million.

“Importantly, the company continues to deliver profits, as the executive board focuses on strategies and actions to increase sales and control overall costs. Of note, our first new depot has opened in May Pen, expanding distribution as Kremi novelties continue to grow following the installation of the new product line,” the chairman stated.


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