Three per cent decline in revenues of $290.96 million during March quarter 

Consolidated Bakeries, which trades under the name Purity, recorded a six per cent increase in pre-tax profit of $9.01 million in the first quarter ended March 2021, when compared to the pre-tax profit of $8.47 million booked the same period last year.

No taxes were incurred for the period under review, resulting in a net profit of $9.01 million versus profit of $8.47 million booked 12 months earlier. Total comprehensive income amounted to $9.36 million for the quarter when compared to the 2020 posting of $8.05 million.

During the quarter, Purity recorded a three per cent decline in revenues to $290.96 million, coming from $299.05 million reported for the corresponding period in 2020. Cost of sales for the period fell by four per cent to close at $175.59 million (2020: $182.38 million), leading to a gross profit of $115.38 million.

For the comparable period in 2020, cost of sales amounted to $116.67 million.

Small decline in expenses

Purity reported total expenses of $102.53 million, representing a one per cent decline when compared to the $104.04 million reported in 2020. Of this, administrative expenses amounted to $58.05 million, up five per cent relative to $55.25 million reported in 2020.

Selling expenses during the March quarter contracted by 11 per cent to close at $36.32 million coming from the $40.92 million recorded in 2020. Depreciation closed at $8.16 million during the March quarter compared to the 2020 posting of $7.86 million.

This resulted in an operating profit of $12.84 million for the March quarter compared to an operating profit of $12.63 million documented for the comparable period in 2020. Interest and other income closed at $2,022 versus $6,146 reported in the previous corresponding period.

Finance cost declined by eight per cent to close at $3.84 million compared to $4.17 million booked twelve months earlier. Purity, as at March 31, 2021, recorded total assets of $1.05 billion, a marginal increase of one per cent year-over-year.

This increase was attributed mainly to ‘Account Receivable’ which closed at $135.62 million (2020: $120.58 million) representing a 12 per cent increase. Additionally, ‘Cash and Cash Equivalents’ went up 12 per cent to end at $87.45 million (2020:$76.25 million).