NASSAU, BAHAMAS — FOCOL Holdings reported net income of $29 million for the fiscal year ending July 31, with management said to be focused on developing new revenue streams to augment any potential earnings loss as a result of the COVID-19 pandemic.
Chairman of the BISX-listed petroleum products supplier, Sir Franklyn Wilson, said: “Net income for the twelve months ended July31, 2020 was $29.07 million compared to $27.96 million the previous year.”
It was noted that at its 2019 annual general meeting, FOCOL obtained shareholder approval to change its fiscal year end from July 31 to September 30 effective for fiscal year 2020, with fiscal year 2020 reflecting financial results for the fourteen month period August 1 2019 to September 30 2020.
Wilson said: “Our business is resilient, and our financial results remain strong to date. However, we are mindful of the high level of uncertainty the novel coronavirus (COVID-19) has caused globally and locally.
“Management is focused on developing new revenue streams to augment any potential loss of earnings attributable to the impact of COVID-19 on the local economy.”
