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QBL returns to profitability after ‘readjusting’ retirement benefit obligations

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QBL returns to profitability after 'readjusting' retirement benefit obligations

After being hit by the unprecedented effects of the COVID-19 pandemic, Quality Beverages Ltd has returned to profitability.

The improved profitability was also driven by the “positive impact” from Retirement Benefit Obligations remeasurements.

The introduction of a new snacks range during the last quarter has reportedly helped to offset the impact from the fall in beverage volume, according to its financial statements for 2021.

As a result, its revenue for the year increased by 5%, from Rs1.42 billion in 2020 to Rs1.49 billion in 2021.

The Group ended 2021 with a profit after tax of Rs4.6million compared to a loss after tax of Rs23.3million in 2020. 

Discussing prospects, QBL said consumption patterns remain uncertain and price of commodities may be significantly affected.

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.