NASSAU, BAHAMAS — Commonwealth Brewery has reported a “dramatic” increase of nearly 64 percent in its net revenue for its 2021 second quarter compared to the same period in 2020.
The BISX-listed brewer, in its unaudited financial statements for the six months ended June 2021, noted: “This increase was expected as the country continues its slow return to normalcy, inclusive of the ease of government-levied restrictions, the reduction in employment and a sharp boost of tourist arrivals.
“This is in stark contrast to the same period last year, during which the country was in the middle of the economic downturn due to the COVID-19 pandemic — in particular the halt of tourism and the cessation by government of alcoholic sales.”
The company noted that operating expenses increased by more than $4 million or 20.9 percent due to the increased cost of raw materials, consumables and services. Still, Commonwealth Brewery said there was only a marginal 0.1 percent increase in costs over the first half of 2021 due to its cost-mitigating strategies.
“Consequently in the second quarter, CBL experienced a net profit of $3,248,355, which is in stark comparison to the net loss of $3,005,477 suffered during the same period last year,” the company added.
“Overall, CBL realized comprehensive income of $4,164,197 for the first six months in 2021. This was inclusive of a revaluation gain of $1,200,000 on one of our main properties in Grand Bahama.”
