Turnaround at NFM
National Flour Mills makes a profit for the first time in years. The husband of former cabinet minister Christine Sahadeo has made a difference at the helm.
Things are looking up for National Flour Mills (NFM) after several years of losses.
The country’s first flour mill made a before tax profit of $1.1 million for the first six months of 2009, according to its latest financial statements compared to a loss an after-tax loss of $9.1 million for the corresponding period last year.
What’s the reason for the dramatic turnaround?
Chairman Ganesh Sahadeo, husband of former Junior Finance Minister Christine Sahadeo, explained that “for the past year NFM has focused on returning all its core business operations to profitability.”
“We have been successful in returning some divisions to profitability and in reducing losses incurred in others……….going forward our strategy will be on repositioning National Flour Mills as a leader in the food and feed industries providing superior quality products not only locally but in regional markets as well.”
NFM’s turnover for the period was $254 million. Its share price which plummeted to 57 cents earlier this year has recovered to 68 cents yesterday.