NASSAU, BAHAMAS — Commonwealth Brewery (CBL) saw its revenue decrease by 15 percent during the first quarter of the year compared to the same period last year due to the COVID-19 pandemic.
The BISX-listed brewer, in its first-quarter results for the three months ended March 31, noted the decrease was expected as it was a direct result of the pandemic that began to have a negative impact on its business during the end of the first quarter in 2020.
“Although there was an overall decrease in revenue during the quarter compared to the same period last year, there has been a steady rise in revenue during the quarter, with a 37 percent increase between January and the end of March,” the company said.
“Operating expenses decreased by nearly $4 million or 15 percent in 2021 over the same period in 2020. This was mainly due to a decrease in personnel expenses and raw materials, consumables and services. The decrease in personnel expenses was a result of downsizing of staff in the company that began during the end of Q4 2020.”
It added: “On the other hand, various factors contributed to the decline in raw materials, consumables and services related principally to the fall in business activity. Subsequently, CBL experienced a net loss for the period of $284,200 — a similar result as Q1 2020.
“Management is confident that measures implemented and being implemented to mitigate the negative impact to operations of the current economic slowdown are being successful.”
