Focus on export expansion
Fresh from earning a recent profit with the help of its sister company, The West India Biscuit Company Limited (WIBISCO) is continuing preparations for future export expansion.
Chairman C. David Bynoe, reporting on WIBISCO’s half year performance for the six month period ended February 28, attributed the $2.8 million in net profit before tax to a “one off three month contract” where the company manufactured Crix crackers for Bermudez Biscuit Company Limited.
And the businessman added that the organisation was working to become compliant with legislation enabling it to export beyond the Caribbean.
“The company continues the implementation of requirements to ensure compliance with the Food Safety Modernisation Act. Compliance will enable the business to satisfy all regulations for export to developed markets and will make us more competitive globally,” he said.
Bynoe said the first half of the 2013/2014 financial year was “challenging”, adding that “the uncertainty of the world’s financial markets has led to some fallout of consumer demand, in several of our key export markets as well as in the local market”.
“The company has had to contend with the rising cost of doing business. Our revenues show a six per cent increase over the same period for last year. However, operating expenses increased over prior year by 14 per cent, growing at a faster rate than revenues. Net profit before tax was $2.8 [million] or ten per cent of sales, compared to the prior year result of $2.1 [million] or eight per cent of sales,” he said.
Thankful for the Bermudez contract which ended last month, the chairman said it “resulted in a temporary increase in the staff complement by 45 persons, to create a three-shift manufacturing operation”.
He also said “major priorities for the business over the next six months are revenue generation and cost optimisation measures”. (SC)