Banks DIH’s first half profits fall amidst lower sales

May 22, 2014 News

Soft drinks and beer giant, Banks DIH Limited, is reporting a drop in its revenues for the first six months of its new financial year. This has been blamed partly on a dip in sales.
According to the Group its third party revenue for the six-month period ended March 31, was $13.05B compared with $13.73B for the corresponding period in 2013, a decrease of $0.68B or five per cent.
The unaudited profit before taxation for the Group for the period was $2.31B as against $2.41B achieved in 2013.
The unaudited net profit after taxation for the company was $1.05B compared to a slightly higher sum in 2013.
However, the profits at Citizens Bank Guyana Inc., a member of the group, went up. It achieved an unaudited profit after taxation of $500.6M compared with $475.6M in 2013.
“The results of the company for the first six months were influenced by a reduction in revenues due to a decline in physical sales and increased depreciation charges resulting from capital investments.”
Banks said that its continued modernisation programme by way of the installation of state-of-the-art technologies and processes has played a significant role in enabling greater efficiencies in the manufacturing of its beverages and food products.
For the first half of the financial year, the group has been pushing a number of capital works aggressively. These include commissioning a new beer plant pasteuriser, a new labeller and the installation of a palletiser and depalletiser.
“Other capital expenditure includes the completion of a new water bottling plant, Co2 recovery and storage tanks and cold storage facilities for our Materials Handling Department.”
Banks also, in its three page advertisement of its first half performance, also said it is continuing with the annual program to replace its transport fleet.
“The benefits accruing from an improved route distribution of products continue to be realised.
Preparatory works which were started in the previous year will continue with the preparation for the arrival and installation of a new 1.7 MW generator and boiler. The equipment upgrade for the Demico Restaurants and the Information Technology Department will continue.”
Banks disclosed that the coming six months will see construction works on the New Amsterdam Branch of Citizens Bank and the New Crème Select Ice Cream Parlour on Main Street and “prudent management of our financial resources”, among other areas.

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Banks DIH’s first half profits fall amidst lower sales

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