Barbados Farms Limited Reports Financial Challenges Amid Revenue Growth: Shares Insights Ahead of Shareholders Meeting
May 27, 2024
Barbados Farms Limited faces a challenging financial year with a reported after-tax loss of $3.94 million, despite a revenue increase in crop cultivation. Plans for solar PV installations aim to enhance profitability.
ONE OF BARBADOS’ leading producers of sugar cane is reporting a bittersweet financial year ahead of its annual shareholders meeting today.
Barbados Farms Limited (BFL), known historically for operating sugar farms and cultivating various food crops, recorded an after-tax loss of about $3.94 million in the financial year ended June 30, 2023, up from a loss of $2.41 million in 2022.
This is despite its crop cultivation revenue ending the year at $4.51 million, a $531 343 increase – 13.14 per cent – over the previous year’s performance.
Management of the company owned by Sagicor Financial Company Ltd believes that if it receives the regulatory approvals and funding needed for the installation of solar photovoltaic (PV) plants on some of its farms, profitability “should improve in a manner that ensures the financial success of BFL”. (SC)
