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Trinidad & Tobago: NFM profits drop to $2 million for the first 6 months

For the first six months of this year, National Flour Mills Trinidad and Tobago’s chief manufacturer and supplier of flour, made just $2 million in profit.

In its summary of consolidated income in the company’s unaudited financial statements released on Monday, NFM revealed that from December 31 last year to June 30 this year, it had a turnover of $210 million but the cost of sales, selling and distribution costs, administrative expenses, finance costs and taxes whittled their turnover down to $2,145,000.

This marks an $11 million decline over the same period last year, when the company made $13,686,000 in profit. This decline also puts a significant dent in NFM’s earnings per share. Last year around the same period NFM earned 11 cents per share; this year, it has earned two cents per share.

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