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Caribbean Cream recorded a loss in its November 2025 third quarter as Hurricane Melissa forced the Jamaican ice cream maker to shutter operations momentarily.
The maker of Kremi brand frozen treats reported a net loss of $99.3 million for the three months to November 30, compared with a loss of $31.7 million in the year-earlier period. For the nine-month period, the company’s losses widened to $108.7 million from a profit of $2.2 million a year earlier.
“The past quarter has been very challenging for Caribbean Cream, with the main reasons being equipment maintenance and Hurricane Melissa in October,” the company said in its board report to shareholders.
Revenue for the quarter plunged 16 per cent to $578.9 million from $686.3 million, as the storm’s impact rippled through the company’s distribution network. The Kingston-based manufacturer closed all operations for a week surrounding the hurricane’s passage to ensure employee safety, severely curtailing sales during a critical period.
The company’s Montego Bay depot suffered damage and remained shuttered throughout November, further crimping sales. “The MoBay depot was reopened to the public on December 5, and sales have progressively been returning to pre-Melissa levels,” management said.
Nine-month revenue inched up to $2.21 billion from $2.18 billion, while cost of sales surged 13 per cent to $1.63 billion, driven by increased labour and waste-disposal expenses. Gross profit for the nine months tumbled 21 per cent to $572.9 million.
The company reported some success in cost containment, with third-quarter cost of sales flat at $497.4 million, compared with $498.5 million a year earlier.
“This is an indication of ongoing efforts by management to further control and decrease administrative costs,” the board said.
CEO Christopher Clarke and Chairman Matthew Clarke said the management has committed to restoring profitability. “Based on our current trajectory, the management has undertaken to restore the company’s profitability,” they wrote.
The company’s capital dipped to $771.4 million as of November 30, down from $880.1 million at the February year end. Long-term debt stood at $1.01 billion, while lease liabilities totalled $259.7 million.
The Clarke family controls roughly three-quarters of the shares in Caribbean Cream, with 32 per cent owned by Scoops Unlimited Ltd, 15.73 per cent owned by Matthew Clarke, 15.4 per cent owned jointly by Carol Marie Clarke-Webster/Christopher Andrew Clarke; and a further 9.28 per cent owned directly by Christopher Clarke.
English (US) ·