SANDY BAY, Hanover – For Suzette Smith, it was eight miles well worth travelling. That's the distance she had to cover to get from Black Gate to Sandy Bay Primary School in Hanover to benefit from.
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Vishnu Muppuri, Executive Director and COO of Indies Pharma Jamaica Limited, says a surge in the company’s liabilities is linked to its plans for growth in the new financial year.
The company’s revenues for the period ended October 31, 2020, were J$765.9 million, up five per cent or J$36.5 million over the corresponding period in 2019. Net profit increased to J$199.1 million, an increase of 46.3 per cent over the previous year.
However, long-term liabilities over the period surged to J$882 million, which Muppuri said was due mainly to the company securing a bond which was used to repay the loan of J$398 million used for the purchase of land for the construction of its new corporate office.