Sterling Products Limited (SPL) registered after-tax profit of $100.3m for last year compared to $144.5m in 2017, a steep decline of 30.5%.
According to its audited financial report published in yesterday’s Guyana Times, SPL’s revenue from contracts with customers rose from $3.07b in 2017 to $3.2b last year. Its cost of sales in 2017 was $2.045b compared to $2.286b last year. This resulted in gross profit last year of $996.9m compared to $1.03b in 2017. Other income declined from $38.5m in 2017 to $23.2m last year.
Administrative expenses declined from $337m in 2017 to $332m last year while distribution and marketing expenses fell from $517.6m in 2017 to $512.9 last year. Finance costs rose from $12.6m in 2017 to $24.1m last year.
Basic earnings per share in dollars dropped from 9.47 in 2017 to 6.57 last year.
SPL’s bank overdraft in 2017 was $13m, last year it was $212m. Its cash on hand in 2018 was $26m compared to $45.8m in 2017.
SPL manufactures edible fats, ice cream and detergents among other products.