Angostura Holdings Ltd has stated that the short term challenges which were “partially responsible” for the decline in the first quarter of 2019 have been addressed.In a two-page advertisement in daily newspapers on May 15, chairman Terrence Bharath stated revenue declined by $25 million for the first quarter of 2019 when compared to the same period for 2018.
He said the company’s two main segments – local rum and bitters – were down by $4.2 million and $16.5 million respectively.
In an emailed response yesterday, the company, asked whether foreign exchange shortages had impacted its operations, stated it did not experience any shortages. “The group did not experience foreign exchange shortages during the period. Short term challenges in our supply and distribution systems, which have since been addressed, were partially responsible for the decline in revenue in Q1 2019 compared to Q1 2018,” the company stated.
Asked whether its two main products, bitters and local rum, were also experiencing changes, the company described the decline in rum sales as “seasonal” while it bitters segment is growing. “The bitters segment is growing consistently. The decline in local rum in Q1 2019 as compared to Q1 2018 is due to seasonal variances – given that both Easter and Carnival fell within Q1 2018; however, for 2019 Easter fell within the Q2 period for sales compilation.
Accordingly, only Carnival sales were included in revenue for Q1 2019.”The company stated that it “continues to work towards meeting its targets, mindful of the economic environment both locally and globally.”