NFM reports $21 million profit

In a statement in the company’s unaudited results for this period, NFM chairman Nigel Romano said this was achieved despite a three percent decline in revenues, indicative of the continued contraction of demand in the local economy.

He explained that cost containment measures resulted in a 22 percent improvement in gross profit. This was offset by a 17 percent increase in administrative expenses, mainly due to systems and process upgards aimed at increasing productivity and improving inventory management.

Romano said, “For the rest of the year, the timely availability of foreign exchange, critical for raw material purchases and settling foreign supplier commitments, will be a major focus of management’s attention.” He continued, “Foreign currency availability coupled with the cost implications of the deteriorating exchange rate represents the single greatest challenge to our positive outlook for 2016, always keeping in mind, the goal of delivering value for our clients, security for our workforce and sustainable profitability for our investors.”