Product sales increasing despite challenges – says West Indies Rum Distillery Ltd.

DESPITE the challenging global environment, sales of West Indies Rum Distillery Limited products continue to grow.

This position was outlined by Chairman John Taylor and Managing Director Andrew Hassell while reviewing the company’s operations for the financial year to September 2012.

They also said that cost savings are being made through better operating efficiencies.

“We fully expect the business to achieve an improved result in 2013,” they pointed out. The company incurred net losses of $1.9 million in 2012 compared to a loss of $2.6 million a year earlier.

However, there was a near 15 per cent increase in sales at the end of September last year when compared to the previous period.

Revenue totalled $42.6 million compared to $37.1 million at the end of September 2011.

The two officials stated that during the financial year, West Indies Rum Distillery Limited acquired 75 per cent of international Brand Developers N.V (IBD), owners of the Cockspur Rum brand formerly owned by Hanschell Inniss Holdings (Curacao) N.V.

The two officials said that the loss from operations of $1.7 million for the year was an improvement over 2011 when a loss of $2.5 million was recorded.