BICO profits catch a chill

ICE CREAM MANUFACTURER BICO Limited has recorded a $1.5 million loss in operating income for the six months ended March 31, 2010, compared to a loss of $169 600 for the comparable period in 2009.Also, the company recorded net losses of $329 947 for the year to date compared to $443 211 last year.The local firm which continues to be affected by depressed trading conditions in Barbados and the region also saw a decline in gross trading revenue, which dropped from just over $8 million as at March 31, 2009, to $6.5 million this year.Slight improvementIn reviewing BICO’s unaudited results, chairman Edwin Thirlwell said while Harbour Cold Store revenues have slightly improved, the local company did not expect to see any significant improvements in the foreseeable future.He said ice cream sales in Barbados were down and export markets even less buoyant.     “Additional costs associated with overseas manufacturing continue to adversely affect margins,” Thirlwell said, adding that the claim on their Business Interruption Policy is ongoing.The chairman also noted that plans to rebuild the ice cream factory following last August’s devastating fire were behind schedule. (NB)