Milling and timber manufacturing company,
The improved profitability was attributable to easing inflationary pressures.
Said
"Generally, global economies experienced the devastating effects of Covid-19 pandemic, which resulted in lockdown measures, which affected both our local and export markets."
But the group's numbers in other key areas remained depressed.
Critically, production volumes went down by 24 percent to 13 668 cubic metres for the period under review from 17 986 cubic metres in the comparative 2019 period.
With regards to transmission poles and lumber, production volumes slumped to 2 130 and 11 539 cubic metres, from a 2019 comparative of 2 621 and 15 365 cubic metres, respectively.
Bailey is, however, optimistic that business will tick up going forward as demand is still high for the company's products.
"Demand for lumber remains very high both in the local market and the export market, hence a significant positive movement is expected as the economies return to normalcy," said the judicial manager.
He is, however, less optimistic on the company coming out of judicial management.
"Discussions with the government will follow.
"Accordingly, the company will remain under judicial management for the foreseeable future," he said.
The company was placed under provisional judicial management in
Copyright The Herald. Distributed by AllAfrica Global Media (allAfrica.com)., source