Loss from damages to Freeport locations offset by $1.25 million insurance proceeds
NASSAU, BAHAMAS – AML Foods Limited recorded hurricane losses of $2.72 million resulting from damages occurring at its Freeport locations, the company has reported.
The BISX-listed food retail and franchise group, in its financial results for the second quarter ended October 31, announced a net loss of $1.16 million compared to a loss of $0.10m for the same period in the previous year.
“During the quarter, the company recorded hurricane losses of $2.72m resulting from damages occurring at its Freeport locations due to the landfall of Hurricane Dorian,” said AML Foods chairman Franklyn Butler.
“These losses were partially offset by insurance proceeds of $1.25 million. Net operating profit before hurricane losses was $0.49m and represents an increase of $0.54 over the same quarter in the prior year.”
Butler continued: “During the upcoming months, we anticipate additional insurance proceeds as our claims are finalized.
“We are pleased to report that despite the closure of our Solomon’s Queens Highway location in Freeport, sales for the quarter were $38.71 million and were flat compared to the second quarter of the previous year.
He said: “We have seen a rebound of both sales and gross margin dollars across most of our locations as we aim to increase margin dollars through our purchasing strategies.
“Additionally, we our focused on our in stock levels which have proven to be a challenge in the past and has resulted in missed opportunities for increased revenues.”
AML Foods Limited’s Board of Directors has approved an ordinary dividend payment of $0.04 per share, payable on January 3rd, 2020 to shareholders on record as of December 27.