Chairman of Consolidated Bakeries Ltd, Vincent Chang says he expects a strong performance for the company in quarters three and four of this year following reports that net income and sales nearly doubled in the first quarter.

According to the financial reports of the company which markets Purity and Miss Birdie baked products, in the March quarter 2016, net income was $22.8 million up from $13.9 million a year earlier.

Chang says solid sales drove profitability during the quarter with Easter sales particularly better than expected.

He says during the quarter, the company kept its cost of sales at bay which led to gross profits of $96.4 million or 25 percent higher than year-earlier levels.

During the quarter, the company launched its Miss Birdie Oatmeal Raisin Cookie, the first in a series of new products set for launch later in the year.

Chang says in previous quarters the company suffered from price discounts and marketing activities in the market because at the time Consolidated Bakeries deliberately maintained margins while keeping expense items like marketing flat.

However, he says this quarter management sounded the call to market and launch products.

Revenues totaled $260.6 million over the quarter or 16 percent higher than the $224.8 million a year earlier.
Chang says company sales are also translating into cash and equivalents at $63.7 million or one-third higher than the $48.2 million a year earlier.

He says its total assets now surpass $701 million with shareholder equity at $558 million up from $539.8 million a year earlier.

Chang says he expects continued progress heading into the 3rd and 4th quarters and as efforts continue to make Consolidated Bakeries a ‘strong robust company’.