Dairy on “strong financial ground”

Barbados Dairy Industries Ltd, which trades as Pine Hill Dairy (PHD), says the company has benefitted from increased economic activity following the lifting of some COVID-19 pandemic restrictions.

The PHD’s recently published unaudited half-year financial statements for the period ending June 30, 2022 showed operating profit from operations at $771 000, compared to $1.82 million in losses for the comparable period in 2021.

PHD, a subsidiary of the Banks Holdings Limited Group (BHL), reported total comprehensive income for the period of $525 000, compared to a loss of $1.6 million for the same period last year.

In a brief Directors’ Statement that accompanied the financials, chairman Caio Miranda and country manager Shafia London reported that sales revenue for the company increased by $0.6 million, or 2.2 per cent, at the end of the first half of 2022.

“This was primarily due to increased economic activity based on greater relief from COVID-19 restrictions,” they stated.

The PHD’s net income “showed a positive variance of $2.1 million, mainly due to a much-improved gross margin result over the same period last year”, the directors disclosed.

In addition, they assured shareholders and the market that the company’s balance sheet “continues to remain solid despite an increase in foreign payables”.

In addition, the directors said strong working capital also provides a good indication that the company is “on strong financial grounds in terms of liquidity”.

It added: “Barbados Dairy Industries Ltd continues to provide a continuous supply of product to our markets despite the challenges being experienced locally and globally.” (IMC1)