Added cost hits Kremi’s profit

Caribbean Cream (KREMI) sales are still growing but it reported a fall in earnings of five cents for its third-quarter ending November 2016, down from 10 cents a year earlier.
The ice cream company packed on more expenses during the quarter as it secured a distributor and launched a new coffee-rum product while incurring added cost from repair of equipment.
Over nine-months, the company earnings are still up at 36 cents from 33 cents a year earlier in spite of the reduction in the third quarter.
Quarterly revenues rose 5 percent to $271 million from $258 million but the cost of sales increased, cutting gross profit down 13 per cent to $89 million. The increase in direct cost stemmed primarily from increased repairs and maintenance, some of which were unscheduled.
Revenues for the nine months rose 8.3 percent from $818 million to $886 million while profit moved to $137 million from $124 million for the 2015 period. The company is yet to increase prices for its product after an increase two years ago, but are constantly assessing the possibility of doing so, subject to feedback from the market. But Kremi seems to have lots of room to adjust prices with the Nestles’ Buckingham selling a 946 milli-litre container at $802, while Kremi sells at just $421 in the supermarket. With continue attractive growth in volumes they may be reluctant in moving prices as they gain market share.

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“Selling and distribution costs in the quarter increased by 38 per cent or $3.8 million as a result of increased marketing expenditure which included the launch of our new coffee rum cream in pints and quarts. We are also outsourcing the delivery of our products. We are anticipating greater efficiencies in the distribution of our products,” said management.
Sales are still going ahead of last year Christopher Clarke told IC Insider.com in response to questions posed to him. We had a series of breakdown of equipment and our two year scheduled maintenance occurred in the quarter Clarke advised.
Sales over the important Christmas period and gross profit continue to be satisfactory, but raw material cost inched up a bit Clarke indicated.
In light of the lower than expected third quarter numbers, IC insider.com revised its estimate for earnings to 55 cents for the current year ending in February and 90 cents for 2018.

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