Earnings of Derrimon Trading Group fell to $53 million in the first quarter ended March.
The company reported a 120 per cent drop in earnings, compared with the same period in 2022.
However, it saw growth in revenues of 16 per cent to nearly 5 billion dollars.
Derrimon noted that the performance reflected costs to operate the expanding business.
The company's executive chairman, Derrick Cotterell, says the increase is mainly due to the impact of consolidating its new subsidiary, Arosa Limited, along with the build-out of a new select grocers store in Clarendon.