Panna Cotta mouldings and moulds maker says company’s profits will increase next year

PannaCotta.com said Monday that it has a $7.4 million profit for the first quarter of fiscal 2019.

The company also said its net income for the period increased by 20% to $2.9 million.CEO Tim Sorensen said in a statement that he believes the company will see an increase in net income over the next year.

Panna’s profits were up more than 75% year-over-year compared to the previous year, he said.

The company said the increase in the first-quarter profit will likely come from an increase to the $2 million Panna cotas minimum order order price.

PannaCots sales, which were $1.5 billion in the year-ago quarter, were up 21% to a record $1 billion in fiscal 2019, Sorenesen said.

He said Panna had a positive outlook for 2018.

“In 2019, we expect our sales to continue to grow at a strong pace and our overall profitability will improve,” he said in the statement.

Parma is looking to increase its foothold in the United States with the addition of a manufacturing facility in Parma, Ohio.

That move will create approximately 50 jobs.

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