Berger Paints Jamaica Limited (BPJL) recorded an 18 per cent improvement in revenues, which totalled JM$597.5, for the first quarter ending March 31, 2021, when compared to JM$508.5 million in the similar period in 2020.
The company also reported profit before tax (PBT) of JM$8.4 million for the quarter when compared to a loss of JM$42.0 million for the corresponding period last year.
Management said in their remarks attached to the period’s results that the company has remained focused on delivering on strategic initiatives “geared to sustainable revenue generation, sharper understanding of potential risk, constant evaluation and implementation of initiatives to achieve operational efficiencies and our absolute commitment to delivery of world-class products and customer service.
“Despite these uncertain times, it was decided that we must continue to inspire and chart the future we wish to emerge into,” the company’s management added.
To this end, the company has launched a new “Boldly Berger” campaign, adding freshness to the brand, with the aim of strengthening its position as the market leader.
Operating expenses for the quarter totaled J$323.7 million, 11 per cent above the J$290.5 million for the corresponding quarter last year; however, management said that this increase in operating expenses resulted mainly from additional depreciation from investments in plant and machinery and the substantial investments in its brand relaunch.
Management said it expects that with global vaccination drive and select world markets slowly reopening for business, there is cautious optimism.
They noted that, locally, the Bank of Jamaica (BOJ) is projecting a partial rebound in economic growth of about three per cent, commencing in fiscal year 2021/22.