LJ Williams racks up $.4million losses
The outlook for the company remains gloomy. Things may turn around this time next year..
L.J.Williams Ltd is singing the blues.
Things are slow. Its financial statements now represent a 15-month period (“due to the change in our year end”) and this could not prevent the company from having a before tax loss of $422,000.
How did this happen?
According to Dr Krishna Bahadoorsingh, chairman, in his review, January to March was the slowest quarter and there were two such quarters.
He pointed out that the group “has not been immune from the economic downturn that has affected most businesses and this was especially so with our subsidiary the Home Store” which opened last November.
The Home Store lost a staggering $8.5 million. Group sales amounted to some $207.5 million and some companies in the group actually made a profit.
What is the outlook?
“We expect Financial Year 2010 to be a difficult year, and should the economy remain depressed, do not see any major improvement until the second half of 2010”,