By Javaughn Keyes Caribbean Cream, which trades as Kremi, has reported that increased costs severely affected earnings in the first part of 2022. This was also a trickle down from the increased cost for inputs which was driven by the pandemic, according to the company’s General Manager, Ryan Peralto. He said on Wednesday that the company had to pass on the increased costs to consumers. Caribbean Cream realized a $9 million loss at the end of its 2021/2022 fiscal year. Things picked up however for the first two quarters of its 2022/2023 fiscal year which started in March. This was driven by increased sales and new products which came through acquisition. Caribbean Cream acquired cone manufacturer “KoniKone”, which it reports has has so far added about $20 million in earnings. Mr. Peralto disclosed as well that Caribbean Cream‘s US$2 million Combined Heat and Power plant is 80 per cent complete. The facility, which was to have been completed by the end of last year, missed its initial completion target due to shipping and technical delays. The company expects the new facility will help it keep up with market demand. The CHP unit is expected to allow for more efficiencies at Caribbean Cream. The company is also set to add more cold storage and blast freezing capabilities in the new financial year.
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