But with its local subsidiaries including Pine Hill Dairy reporting difficult financial years, including losses, local drinks conglomerate Banks Holdings Limited has had to depend on its associates, mainly overseas, for its net income.
News of this came in BHL’s 2012 annual report released ahead of the company’s annual general meeting being held on March 14 at the Lloyd Erskine Sandiford Centre.
BHL CEO Richard Cozier, in his report to shareholders, said when the company’s financial year ended on August 31 last year, it had earned a more than $7 million profit.
“This was achieved primarily through the results of our associates as our local subsidiaries returned a loss in aggregate,” he noted.
The positive results for BHL, he noted, were especially good from a regional perspective.
“Results from associates recorded an increase led by another strong performance by Banks DIH in Guyana; this entity achieved record financial results, reporting an after tax profit of $32.3 million, an increase of $5.3 million over 2011,” Cozier said.
There was also happy news from the Belize citrus business.
“The operations at Citrus Products of Belize benefit from both a good crop and strong commodity pricing to record an after tax profit of just under $10 million,” he said.
“Sales revenue for the Bahamas operation remained strong but results, while profitable, were also impacted due to costs related to their transitioning from an old plant and facility to a new operation and site during the year. However, cost savings as a result of the improved operations are now being recorded.”
BHL Chairman Anthony King said the positive result in the first quarter of the company’s latest financial year “reflect the turn around of profitability for parent and subsidiaries upon which we must now build”. (SC)