THE West Indies Rum Distillery Limited has recorded a significant jump in its net income for the first six months of the financial year ended March 31, 2011.
The Goddard Enterprises Limited subsidiary had a $267 709 half-year profit compared to $107 609 for the same period last year – a 148.8 per cent increase.
The company also saw a 149.5 per cent increase in earnings per share, from 3.9 cents last year to 9.8 cents this year.
And with an increase in rum volumes shipped overseas and an increase in average prices to customers, the company managed to increase its net income from operations by 108.3 per cent in the first six months.
Revenue also increased by 31.9 per cent, going from $15.40 million to $20.31 million.
According to a review signed by chairman John Taylor and managing director Andrew Hassell, sales of the Cockspur Rum brand continued to increase on the international market. However, they said that market remained “somewhat uncertain” and it was therefore difficult to predict performance for the remainder of the year.
“We continue to focus on attaining maximum efficiencies in the plant as well as very tight control of costs,” the statement added.
The top officials disclosed that associated company National Rums of Jamaica was performing well and the share of profit from that operation, after allowing for amortizationof intangible assets, increased
to $90 089 from $12 777 last year. And with “significant” additional rum orders secured for this year, the business should post a good performance. (MM)
