Saturday 22 February, 2020

As sales dip, Sweet River looks to earn from meat packaging, storage

Sweet River Abattoir & Supplies, which slaughters pigs in Westmoreland reported a challenging June 2018 quarter, with sales down 16 per cent from the similar period of last year.

It also suffered a net loss of $7.1 million compared to $669,000 profit for the comparative period last year.

“Despite the negative results we were able to continue to meet the demands of our major markets. This we believe will provide for us a solid foundation on which to improve our future performance,” said managing director Valdence Gifford.

Among the initiatives to help bolster the performance of the slaughterhouse is the introduction of cold meat storage and packaging.

Gifford expects to sell these added services to the market during peak demand. He remains confident in the quality of its products and said that the “future looks promising”.

Also during the review period Sweet River said it was able to deepen its relationship in the tourism sector.

“This partnership has helped in inventory management resulting in inventories being held at acceptable levels. On another positive note, our slaughtering service continues to grow,” Gifford said.

Sweet River’s office is located at Sweet River, Savanna-la-Mar, Westmoreland and was listed on the Jamaica Junior Stock Exchange in 2014. The company’s main activities are the purveying of pork products and provision of abattoir services.

Sweet River will endeavour to control its expenses, expand its product offerings and increase the slaughter service to the wider public, Gifford insisted.

The company’s equity at $163 million last June but now totals $42 million in June 2018.

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