eBusiness Weekly
Business Writer
Despite the effects of the Covid-19 induced lockdown on projects, brickmaker, Willdale sold more bricks last year than it did the previous year, the company has said.
Sales volumes increased by 12 percent for the full year to September 2020, compared to the previous year.
According to a statement accompanying the company’s results, the relaxation of lockdown conditions from July to September 2020 witnessed a steady increase in orders, especially from individual home developers.
Increased sales volumes, helped the company grow its revenue by 19 percent to $596 million. Operating profit, however, decreased by 50 percent to $166 million.
The mismatch between growth in sales and the decrease in operating profit was caused by a significant drop in what was accounted for as other income which dropped from $231 082 932 to $34 613 063.
Profit for the year was significantly lower at $1,2 million down from $303,9 million. This is after the company incurred a net monetary loss of $136,7 million up from a net monetary loss of $12 million prior year.
Revaluation surplus of $342 million and fair value adjustments of $63 million, however, saw the company close the period with total comprehensive income of $358 million, down from $585 million prior year comparative.
Basic earnings for the period were 0,07 cents down from 17,094 cents prior year comparative.
