Published: Monday August 25, 2008
BICO's EXECUTIVE CHAIRMAN, Edwin Thirlwell, has reported that although sales and revenues are "holding up", there is no growth in the market due to tight global economic conditions.
Addressing the company's recent staff awards function at the Savannah Hotel, Thirlwell said the challenging environment resulted from increased raw material and electricity costs.
He said there was a 35 per cent increase in electricity costs and the company was again generating its own electricity after Government granted manufacturers a concession in May.
Looking ahead, the chairman mentioned that BICO is seeking ways to first reduce energy consumption, then convert to alternative sources of energy to do away with relying on oil in the long term.
The company is being assisted by the Barbados Investment and Development Corporation in an effort to find solutions that will help all manufacturers and businesses cope with high energy costs.
Solar and wind power were two possible alternatives.
Staff were urged to continue to play their part by conserving energy where possible, and keeping up the levels of customer service to hold or increase market share.
Awards were presented by directors and senior managers for excellent performance and long service, and staff were thanked for their hard work and dedication.
Source: Nation Newspapers