Monday, April 15, 2024

WIBISCO’s profits drop

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One of Barbados’ long-standing manufacturers is reporting a reduced profit after experiencing a slowdown in the domestic and regional markets this year.

Chairman of the The West India Biscuit Company Limited (WIBISCO) C. David Bynoe called the company’s financial year ended August 31, 2021 “another unprecedented one” in light of the COVID-19 pandemic’s continued impact.

Despite this, the company is preparing to pay shareholders a final dividend of 75 cents per share which, when added to the 25 cents per shared paid out in March this year, means that owners of the company’s stock would have received a $1 a share dividend pay out.

“Net income for the year fell from $10.3 million in the prior year to $8.6 million this year or a decline of 16.3 per cent. This translated into earning per share of $2.86 or a decline of 16.3 per cent,” he said in a statement accompanying the company’s condensed financial statements. (SC)

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