Abaco Markets Ltd. is reporting that third quarter figures are ‘on target’ despite a 70% drop in profits for the first half of its fiscal 2011 year.
Chief Executive Gavin Watchorn said the company was “pleased to remain in the black and continue putting profits to the bottom line”.
Net income for the six months to July 31, 2010, fell from $2.22 million in 2009 to $665,000, with a similar 68.3 per cent drop in the second quarter – from $1.177 million to $373,000.
Mr Watchorn said the BISX-listed food group, which owns the Solomon’s SuperCentre and Cost Right stores in Nassau and Freeport, plus the Domino’s Pizza franchise, would remain profitable for the remainder of this fiscal year.
This, he indicated, would put the food retail group in a position to pay its shareholders another dividend subsequent to year-end, although this would ultimately be a decision for AML Foods’ Board.
