Air conditioning company CAC 2000 says it has launched health-related products aimed at boosting the company’s bottom line.
In its report for the period ended April 30, 2021, CAC said it has “successfully launched air purifiers for homes, offices and… even cars”, and looks forward to bringing to the market additional products and services to address health.
For the six month period under review, revenue was $508 million, down from $573.55 million at April 2020. Expenses were $190 million compared to $214.26 million the year before.
The company posted net profit of $8.7 million, this compared to a loss of $21.53 million at April 2020.
Management said that the company continues to be challenged by global conditions attached to the spread of COVID-19. These include longer shipping times, global shortage of materials, and locking down of travel and countries.
Locally, CAC has continued to adjust to the regularly changing curfews and other protocols, and the resulting loss of working hours.
Gia Abraham, CAC’s Chief Executing Officer commented, “Despite this I am pleased to say that our YTD 6-month results continue a positive trend. The net result was an increase of $26.8 million in our year-to-date profit before tax compared with the prior year.”
In the meantime, CAC’s trade receivables increased by 8.7 per cent due to continued slowdown of payments by customers amid increased and ever changing coronavirus restrictions, along with longer lead times for approvals and processing of payments due to work from home policies at many companies.
Shareholder’s net equity increased by $51.62 million, compared to the same period last year.
CAC 2000 in the new quarter created EneRvate Limited, a joint energy venture with Tropical Battery, which officially opened for business on June 1, 2021.
“This venture is in keeping with our strategic priority of diversification,” Abraham said.
-Caribbean Business Report.