NASSAU, BAHAMAS — Lockdowns imposed to mitigate against the coronavirus have continued to have a positive impact on AML Foods sales during the first quarter, according to its chairman, with sales up 13 percent.
A report on the BISX-listed food and retail franchise group’s first quarter results for the period ending July 31, noted that sales for the quarter were $46.9 million — an increase of 13 percent over the same period last year.
AML Foods Chairman Franklyn Butler said: “Net profit for the quarter was $4.8 million compared to $0.1 million for the same period in the previous year.
“During the quarter, income of $2.6 million was recorded from claims related to Hurricane Dorian.”
“The COVID-19 related lockdowns have continued to have a positive impact on sales during the quarter,” he continued.
“However, given the closure of the country to international travel, the complete loss of tourism to the country and the increased level of unemployment, we expect softening in Q2 revenues continuing into Q3.
“The Q1 sales increases were driven by our food distribution businesses and despite increases in sales-related expenses, overall expenses were flat compared to last year,” said Butler.