Knutsford Express Services Limited, which has moved its headquarters from Kingston, St Andrew to Drax Hall in St Ann, indicates that it will be offering fourteen storefronts for commercial clients at the new location.
Construction, which started last year, is expected to be completed by July 2021, management said in its latest report attached to the company’s six month financials.
The company spent an estimated $200 million on land acquisition and construction of the new commercial centre and Knutsford Super Terminal.
Towards the end of 2020, for second quarter ending November 30, company revenues continued to decline due the impact of the COVID pandemic.
Revenues slid by 41.7 per cent compared to the similar period in 2019, falling from $282.7 million to $149.5 million.
Management commented, “The ongoing COVID pandemic continues to affect passenger traffic negatively. As a consequence, the government implemented curfews combined with a reduction in travel between parishes. Nonetheless we continue to employ best practices to address the potential risks to our passengers, customers and staff.”
Knustford indicated that it ensures coaches are routinely sanitised, equipped with air purifiers and all customers and staff are screened for COVID-19 symptoms and wearing of masks is mandatory.
Net profit after tax plunged 287 per cent from $19.6 million in the comparable second quarter to a loss of $33.7 million.
EPS slid from $0.04 per share to a loss of $0.07 cents per share.
However, total assets have grown by 1.7 per cent from $1.08 billion to $1.1 billion, resulting mainly from the continued build-out of new commercial real estate in Drax Hall.
Management said 14 store fronts should become available in July when construction is completed.
The company also opened two new courier hubs, one in Drax Hall and the second on Washington Boulevard in Kingston, with management citing increased demand for the service.