Apr 2011 Financial News

NFM records $18.3M profit

Apr 01, 2011

Despite an 11 percent decline in sales, National Flour Mills (NFM) recorded a profit of $18.3 million after tax profit in 2010.

In the company’s audited yearly results, chairman Jacqueline Burgess explained decline in sales was due to its focus on cost reduction measures and improvements in efficiencies.

She indicated the measures resulted in the Gross Profit Margin moving from 18 percent in 2009 to 21 percent in 2010.

She said in the latter half of 2010, food price inflation increased significantly, which was triggered primarily by rising commodity prices with wheat and corn prices rising by as much as 75 percent between June and December 2010.

Burgess said the company expected 2011 to be a very challenging year as commodity prices are expected to continue on an upward trend but assured the management’s commitment to develop strategies to address it while remaining mindful of their social responsibility.

She said NFM’s focus over the next year will be on ensuring that their business remains fit to succeed in “these uncertain times”.

“We will continue to work to maximise shareholder value and ensure the robustness of our established partnerships while developing initiatives to grow revenue in new and established markets,” she said.


Source:
Newsday
Friday April 1, 2011

http://www.newsday.co.tt/business/0,138168.html