FosRich grows revenues by 22 per cent during first quarterWednesday, May 05, 2021
Electrical lighting company FosRich Company Limited during its first quarter period ended March 31 increased revenues to $549.2 million, 22 per cent more than the $448.8 million earned during the same period last year.
The company, in an unaudited report for the period, said that the growth in income stemmed from increased sales in seven of its eleven product segments which span electrical lighting, hardware, LED, panels, PVC pipes and fittings as well as solar and wiring devices.
Managing director of FosRich Cecil Foster said that despite the disruptions to economic activities occasioned by the continued presence of the novel coronavirus pandemic, the company has remained resilient in its operations and looks forward to continue its growth objective albeit operating in an unstable environment.
“We continue to monitor and manage the risks. Despite staff shortages resulting from quarantine, we have managed to keep all our stores open. We continue to adopt and implement all of the safety measures being promulgated by Government.
“We are cognisant that despite the challenges ahead, we have the right talents and leadership to deliver on our plans for the ensuing period. We will continue to execute on our plans to ensure that we remain competitive and deliver value solutions to our customers,” Foster said.
Administrative expenses for the period decreased by some $2 million, due to reductions in cost for some services, despite reported increases in other staff related costs.
The Junior Market company, which closed with revenues of some $1.8 billion in its last financial year, has also within the last three months saw big jumps in net profit which moved to $38.4 million, up from $4.8 million last year. With the addition of some 129 new shareholders, total shareholder's equity moved to $906.7 million in comparison to the $868.6 million recorded last December. Earnings per stock unit for the period was $0.08 compared to $0.01 in the prior period.
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