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Commonwealth Brewery expects first-quarter revenue to decline 15% – Eye Witness News

Nassau, The Bahamas — The Commonwealth Brewery (CBL) saw a 15% decrease in revenue in the first quarter of this year compared to the same period last year due to the COVID-19 pandemic.

BISX-listed brewers declined in their first-quarter results for the three months ending March 31 as a direct result of the pandemic beginning to negatively impact its business at the beginning. Said expected. 2020 quarter.

“While quarterly revenues were down overall compared to the same period last year, quarterly revenues were steadily increasing, up 37% between January and the end of March.” The company says.

“Operating costs fell by nearly $ 4 million, or 15%, in 2021 compared to the same period in 2020, primarily due to lower labor costs, raw materials, consumables and services. The decline was the result of a company headcount reduction that began at the end of the fourth quarter of 2020. “

“On the other hand, a variety of factors contributed to the decline in raw materials, consumables and services, primarily related to the decline in business activity. After that, CBL experienced a net loss of $ 284,200. , Similar results to the first quarter of 2020.

“Management is confident that the steps being taken and implemented to mitigate the negative impact of the current economic slowdown on the business are successful.”

https://ewnews.com/commonwealth-brewery-sees-15-percent-q1-revenue-drop?utm_source=rss&utm_medium=rss&utm_campaign=commonwealth-brewery-sees-15-percent-q1-revenue-drop Commonwealth Brewery expects first-quarter revenue to decline 15% – Eye Witness News

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