Despite an increase in revenues, profits for manufacturing and distribution giant, Wisynco, dipped for its third quarter, ended on March 31.

Speaking on Taking Stock, Assistant Vice President at Sagicor Investment, Jodian Aris, explained that even though the company’s sales went up by 4.8%, they made less money because costs also went up.

She noted that Q3 is usually a slower one for Wisynco. In this quarter, demand for Wisynco’s products dropped, and sales to hotels and food service companies were lower, and shipping problems hurt export sales. 

While some of Wisynco’s main brands did well, higher selling and distribution costs and more spending on buildings and equipment led to lower net profit. Depreciation costs also rose, as the company continues to expand.

 However, she emphasised that the company has been making long term growth plans.

“There is a bit of ongoing capital investments… which means that the company is positioning itself for long-term growth.”

She added that Wisynco has a strong balance sheet. It has low debt, good cash levels, and growing assets. The company is still paying dividends and is investing in marketing and future expansion.