LJ Williams Ltd reports $4.8m in profit

Despite a $1.02 million decrease in revenue, LJ Williams Ltd reported a $1.07 million increase in profit to $4.87 million in its unaudited consolidated financial reports released on Thursday.

The report said operating profit increased in the third quarter of the year from $3.8 million last year, and revenue up to September 30 was $61.94 million, as compared to $62.96 million the year before.

Chairman Dr Krishna Bahadoorsingh in his review said sales for the parent company were up by 13 per cent, thanks in part to the food division of the group.

“The food division accounted for the most improvement as we had less supplier disruptions than last year,” Bahadoorsingh said.

“The hardware division sales showed a 30 per cent increase over last year, helped by increased export sales.”

Bahadoorsingh noted that sales in the shipping division remained flat and because of covid19 public health requirements from government, the Home Store was closed between May 1 and August 16, during the lockdown period.

“The three-month closure significantly impacted the Home Store sales however we are encouraged by the customer traffic since re-opening and look forward to a strong Christmas season,” he said.

He said the group expects a positive third quarter as restrictions ease and people return to normalcy. Bahadoorsingh said the Home Store was expanded by 1000 sq feet garden centre and opened another branch in C3.

“Both these areas are doing well,” he said.