SEPROD Limited’s first-quarter profit nearly doubled after the sale of International Biscuits Limited generated a major one-time gain, even as weaker consumer demand in Jamaica and Trinidad & Tobago weighed on several of the group’s operating businesses.

The manufacturing and distribution conglomerate sold the business on February 28 as it focuses on de-leveraging or reducing the debt in its group structure. According to Seprod’s cash flow statement, it recorded a $1.71-billion net cash inflow on the disposal of IBL.

“During the period, the group divested one of its subsidiaries, International Biscuits Limited (IBL). This transaction represented a deliberate and strategic step in aligning the portfolio with our long-term growth priorities,” Seprod’s first-quarter report (Q1) stated.