Agmark records increase in cocoa sales, chairman says

THE New Guinea Islands Produce (NGIP) Company Ltd Agmark has recorded an increase in cocoa sales by 31.9 per cent annually, according to chairman Donald Manoa.
Manoa noted this in the company’s 2016 financial report.
The total group revenue for the company improved from K234.3 million to K242.7 million.
“While the cocoa division remained profitable overall, the size of that return was much lower than had been expected halfway through the year,” Manoa said.
“The decline in machinery demand plus excess machinery stock led to significant losses within that division which is now being downsized to a more streamlined hub operation rather than the multiple branch network.
“Extra maintenance spending required on the shipping fleet was also a loss contributor, offset by profitable returns from the properties and the Rabtrans divisions.
“It was also a year of continuing structural realignment for the group.”
Manoa said the company paid off K20 million in debt through the sale of property assets.
“We will continue to drive towards a more streamlined group with further debt reduction and a key orientation towards cocoa as our future strategy,” Manoa said.
“I wish to thank our management and all our staff for their dedication, loyalty and hard work during 2016.
“They continue to put in the hard work to restructure and build the NGIP Agmark business we need for our Papua New Guinea cocoa industry.”