Being some $169 000 in the red was not how Banks Holdings Limited (BHL) wanted to start its current financial year, but managing director Richard Cozier says shareholders should not be unduly worried.
The local conglomerate reported a loss in the quarter ended November 30, but Cozier attributed the negative financial position to a number of one-off expenses linked to its new $50 million plant at Newton, Christ Church. These expenses, he said, should not recur.
BHL’s last financial year ended on August 31, and Cozier said a much better second quarter performance would come when the company included the just-ended Christmas season.
Among the major expenses that hit the company was a million-dollar severance payout for staff that could not be incorporated into the company’s new high-tech operation at Newton, and the write-off of much of the old Wildey, St Michael brewery plant and equipment.
Read the full story in today’s WEEKEND NATION.
