Friday, November 6, 2020

Commonwealth Brewery hit with $3.4 million net loss due to COVID-19 pandemic

Natario McKenzie
Eyewitness News

NASSAU, BAHAMAS — Commonwealth Brewery has reported that the overall impact of COVID-19 resulted in a net loss of $3.4 million for the first nine months of the year.

In its unaudited financial statements for the nine months ended September 30, the BISX-listed brewer said the ongoing COVID-19 pandemic continues to have a substantial impact on the economy and the operations of its company’s operations.

“During the third quarter of 2020, the government of the Bahamas continued measures to curtail the spread of COVID-19 by instituting additional lockdowns, curfews, and limitations on social gatherings,” the brewery said.

“These factors contributed to a less than favorable third quarter for the Company given that commercial activities were limited due to the factors described and the strain on consumer’s disposable income.

“CBL’s management and staff will continue to navigate through the constantly changing circumstances with the goal of weathering the pandemic and return to profitability at the earliest possible time.”  Read more >>