Local manufacturing and distribution firm Seprod says it made a lower profit of $941.48 million for its second quarter ended June 2024.
In the similar period last year, the company made $1.19 billion after tax.
The company says this was mainly due to a shortfall in its Trinidad subsidiary A.S. Bryden, with its net profit down 44 per cent due to expiration of one-off benefits which the company had in 2023.
Higher than planned finance costs to acquire foreign exchange also affected the results.
Seprod says, however, it realised higher revenues of $29.74 billion in the three months ended June 2024 - a nine per cent increase compared to the $27.39 billion made in revenue for the period ended June 2023.
A 27 per cent rise in export sales supported the growth.
During the second quarter, A.S. Bryden and Sons acquired 45 per cent of shares in Jamaican food and premium beverage distributor, Caribbean Producers (Jamaica).
Seprod says it has a pipeline of investments in train, which it expects to increase capacity and revenue.
Guyana has also been flagged as a key market.
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