admingroup’s financial statement, the company reiterated the need to restore boiler capacity and completion of the upgrade of their refrigeration facilities to ensure that the facility can produce and hold the volumes required by the market.
The profit recorded was a decrease from the figure posted during the comparable period in 2011 of US$2 658 934 owing to malfunctioning factory equipment towards the latter part of the period under review.
Colcom recorded an 18 percent growth in revenue from US$25,3 million in 2011 to US$29 9 million in the period under review on the back of volume growth over the comparable period.
The group said the Colcom factory had achieved production volume growth of 14 percent over the comparable period while their joint venture company, AMP, achieved volume growth of 50 percent although this did not translate into any meaningful growth in profitability due to pre-operating costs incurred in expanding the operation’s retail footprint.
The company also said the growth posted was attributable to high volume, low-cost product lines where thin margins were further affected by increase in the price of raw materials.
Despite the challenges that were faced, the group still achieved a small positive contribution of cash from its operations during the period under review.
This was after securing the main raw materials required for the second half of the year through an investment of US$1,7 million in stockfeed.
Total comprehensive income for the period attributable to equity holders went down from US$2,5 million in 2011 to US$1,1 million.
Online Reporter