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Blue Power Company records increase in revenue

                                                                                            

Blue Power Company is reporting revenues of $111 million for its third quarter ended January 31 - that was one million dollars more than it recorded during the same period last year.

Export sales declined during the three months, but Blue Power says the fall in exports was due to the ruling by the Jamaica Customs Agency that the tariff  classification the company had used for the past 19 years for its raw materials for noodles is not acceptable.

This recent change reduced its price competitiveness in CARICOM which resulted in a loss of some sales.

The Management and the Board are exploring all avenues for restoring exports to CARICOM which constitute about 20 per cent of the Company's sales. 

Meanwhile, there have been management changes at Blue Power Group.

The company has informed the Jamaica Stock Exchange that Noel Dawes resigned as Managing Director, effective February 29 - He continues as a Non-Executive Director.

Veronica Lowe retired as Manager effective February 29.

Blue Power says Lisa Kong-Lee was appointed General Manager, effective March 1.



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