Local Economic Activity Declines in Q2

The PIOJ reported that real economic activity declined by 0.2% in the second quarter (0.2% growth in Q1). The outturn reflects a 0.2% growth in the services sector which was eroded by a 0.9% decline in the Goods Producing Sector as a result of the decline in agricultural output. With the outturn in the second quarter, economic growth was flat (0.0%) for the first half of the year. However, barring any adverse developments, the economy is expected to grow in the range of 0.9% and 1.3% in the third quarter, buoyed by continued improvement in the services sector and the recovery in the goods producing sector.

Gleaner Improves Q2 Earnings

Boosted by a significant increase in revenue and income arising from the sale of shares in Lascelles, Gleaner Company reported net profit of $35.50Mn for the second quarter of the financial year. This is more than double the $16.74Mn recorded in the corresponding period last year. However, growth in net profit was tempered by impairment losses which were incurred in respect to the group’s U.K Investment. In H1 net earnings have increased by $43.28Mn (118.7%) relative to H1 2007.

Consumer Prices Rose 2.8% in July

Stoked primarily by higher transport and energy costs, consumer prices rose by 2.8% in July. This brought inflation for the calendar year to July stood at 14.7% while for the fiscal year to date prices have increased by 9.0%. Consumer prices have risen 26.2% for the 12-months to July 2008.

SFC's Q2 Earnings Up 26.3%

Sagicor Financial Corporation registered earnings growth of 26.3% in the second quarter to US$25.43Mn. Net profit in the first half of the year (H1) has increased by 26.3% to $45.45Mn.

PJAM, FJI Record Slower Earnings Growth in Q2

Pan Jamaican Investments and subsidiary FJI recorded a slowdown in earnings growth during the second quarter. PJAM’s net profit grew by just 2.2% to $340.74Mn, while FJI’s earnings in the second quarter increased by just 1.9% to $712.64Mn.

RJR's Net Profit Improves in Q1

Against the backdrop of improvement in revenues from product repricing and increased activity from World Cup Football qualifiers, RJR registered net profit of $14.90Mn relative to net losses of $18.37Mn in Q1 2007. The company also saw a significant reduction in expenses.

Berger Paints Records Losses

Impacted by the rapid increase in oil and other raw material costs, Berger Paints registered losses of $2.00Mn in the second quarter (Net profit of $13.69Mn in Q2 2007). The company has racked up losses of $6.54Mn in H1 (H1 2007: Net Profit of $6.90Mn).

KWL's Q2 Net Profit Declines

Against the background of a sharp rise in net finance costs, Kingston Wharves reported a 7.4% decline in earnings in the second quarter of FY2008. Net profit for the period amounted to $61.66Mn (EPS: $0.05) relative to $66.58Mn ($0.06 per share) in Q2 2007. Nevertheless, net income in the first half of the financial year has increased by 19.5% to $164.29Mn as a result of the strong performance in Q1.

Goodyear Reports Losses in Q2

Goodyear Jamaica Limited reported a net loss of $909,000 in the second quarter which was lower than the $1.43Mn in losses in Q2 2007. The results reflect an improvement in gross margins as a result of the increase in revenues and the reduction in direct costs. This however was eroded by the sharp increase in operating expenses. Net profit in H1 2008 stood at $934,000 (EPS: $0.02) relative to losses of $5.26Mn in H1 2007.

Seprod's Q2 Earnings Up 144%

Seprod Group of Companies reported strong earnings growth in the second quarter. Spurred by a 61.4% increase in revenues against the background of the company’s acquisition of Kraft Foods Jamaica Limited, the company reported that net profit increased by 144% to $313.83Mn (EPS: $0.61). With the strong results in the first two quarters, net profit has increased by 80.8% to $554.86Mn for H1.

CWJA Continues to Report Losses in Q1

Cable & Wireless reported losses of $27.40Mn in the first quarter of the financial year (Net loss of $28.15Mn in Q1 2007). This was due mainly to a sharp increase in finance costs as a result of an increase in net borrowings over the last year and the early repayment of an external debt facility.

FJI Declares Dividend

First Jamaica Investments Limited has advised that the Board of Directors has declared an interim dividend of 20 cents per stock unit payable on September 19, 2008, to stockholders on record as at September 5, 2008. The X-Date is September 3, 2008.

PJAM Declares Dividend

Pan-Jamaican Investment Trust Limited has advised that the Board of Directors has declared an interim dividend of 25 cents per stock unit to shareholders on record as at September 5, 2008. The payment date is September 30, 2008. The X-Date is September 3, 2008.

MIL Declares Dividend on Preference Shares

Mayberry Investments Limited has advised that the Board of Directors has approved a monthly dividend of 12% on redeemable Cumulative Preference Shares for the period July 24 to August 22, 2008 for the sum of $0.0296 per share. The payment date is August 25, 2008 to the shareholders on record as at August 22, 2008. The X-Date is August 20, 2008.

GHL's Q2 Profit Balloons to TT$486.00Mn

For the second quarter of the financial year, Guardian Holdings saw its net profit balloon to TT$486.00Mn from TT$37.63Mn in the prior year period. This was due primarily to an increase in investment income as a result of the disposal of its RBTT shareholdings as well as realized gains received from the disposal of its stake in Grupo Mundial in Panama. For the first half of the financial year, the group recorded net profit of $536.62Mn relative to losses of $167.52Mn.

Seprod Outlines Downside Risks to Earnings Growth

At its Annual General Meeting held today, the management of Seprod Group of companies stated that the rising commodity prices poses a significant challenge to net profit growth in the near term. In terms of revenues, management noted that the demand for the company’s products may be adversely affected by the challenging macroeconomic backdrop as a result of the erosion of consumer disposable income. However, the company will be aiming to improve the profitability of the company by increasing the number of products and growing export volume. The company paid a dividend of $0.45 in June and stated that no further dividend will be paid for the remainder of the financial year.

CCFG Reports 12.0% Increase in Q2 Earnings

Despite a falloff in income from securities trading, Capital & Credit Financial Group reported a 12.0% increase in net profit for the second quarter of FY2008. Net Income increased to $127.28Mn (EPS:$0.17) from $113.60Mn(EPS:$0.11) the prior year on the back of a 72.8% increase in net interest income. At $269.30Mn, the group’s net profit for the first half of the financial year is 5.8% above earnings for the corresponding prior year period.

Salada Records 16.0% Decline in Q3 Earnings

Impacted by higher direct costs resulting from the increase in the price of coffee beans and other input costs on the world market, Salada Foods registered a 16.0% decline in third quarter earnings to $18.06Mn. The company also registered a significant increase in selling and promotional expenses (up 157%) which further eroded earnings. For the nine month period to June 2008, net profit has increased by 14.1% year-over-year.

TCL Reports 10.6% Increase in Q2 Earnings

Despite rising input costs, including energy and freight costs, Trinidad Cement Limited reported a 10.6% increase in Q2 earnings to TT$51.21Mn. However, net profit for H1 2008 was relatively flat at $103.11Mn ($102.32Mn: H1 2007). Volumes rose 4% in the first six months of the year.

JMMB's Net Profit Up 62.9% in Q1

JMMB Limited reported that net profit for the first quarter of the financial year jumped by 62.9% to $376.55Mn (EPS: $0.26). Net interest income grew by a brisk 36.7% to $490.02Mn. However it was the significant increase in the share of profit from the group’s associated companies which drove the growth in net income. The associated companies contributed $149.95Mn to group earnings for the quarter.

CCCL Registers 11% Decline in Q2 Earnings

Carib Cement saw its earnings decline in the second quarter. Net profits fell by 11% to $108.78Mn or $.13 per share. The company’s profit for the period was adversely impacted by the increase in raw material and energy costs. However, the company’s net profit for the first half of the year increased by 8.0% to $251.79Mn, due to a 25.9% increase in net income during the first quarter.

GK Reports 8.5% Increase in Second Quarter Net Profit

GraceKennedy reported a modest 8.5% increase in second quarter net profit to $575.48Mn (EPS: $1.59). With the outturn in Q2, net profit for the first half (H1) of the financial year stood at $1.27Bn, an increase of 13.4% on the figure reported in H1 2007.

Carreras Report 28.2% Decline in Net Profit

Impacted by a 100% increase in the Special consumption tax and a weak macroeconomic environment which adversely impacted sales volumes, Carreras Limited reported a 28.2% ($299.01Mn) decline in earnings to $759.67Mn for Q1 2008.

H&L's Earnings Down 8.7% in H1

Hardware & Lumber’s net profit fell by 1.9% to $6.25Mn (EPS: $0.08) in the second quarter. The results reflect higher operating expenses, reflecting the inflationary environment in which the company operates. Also contributing to the decline in net earnings was the 64.7% spike in net finance costs as a result of the additional leverage undertaken to implement the new information technology system. Given the consecutive declines in the first two quarters of the financial year, Hardware & Lumber’s net profit in H1 stood at $31.01Mn, down 8.7% on the figure reported for the corresponding period last year.

Carreras Announces AGM

The Board of Directors of Carreras has scheduled its next Annual General Meeting for September 9, 2008 at 2:00 p.m. at the Hilton Kingston Hotel.

JP Reports Losses of $634.25Mn in H1

Jamaica Producers Group continued to report losses in the second quarter of the financial year. The group recorded losses of roughly $321.55Mn (relative to net profit of $11.42Mn: Q2 2007) on the back of lower revenues due primarily to the fact that the company is yet to resume banana exportation. Further, the group’s contract to blend and bottle fruit juices for the UK market at a fixed selling price resulted in a loss, as rising raw material costs eroded margins. With the outturn in Q2, the company has racked up losses totaling $635.17Mn for the first half of the financial year.

NCBJ Declares Dividend

The Board of Directors of National Commercial Bank Jamaica Limited has declared a dividend of $0.30 per ordinary stock unit payable on August 27, 2008 to shareholders on record as at August 14, 2008. The X date is August 12, 2008.

MFP Schedules AGM

The next Annual General Meeting of Montego Freeport Limited will be held at the Wexford Court Hotel, Gloucester Avenue, Montego Bay, on Friday, August 15, 2008 at 10:00 a.m.

Salada Approves Stock Split

The Directors’ of Salada Foods Jamaica Limited have advised that the following matters were decided on at its meeting held on July 22, 2008:

Market Interest Rates Rise in July

Market interest rates rose for a second month in July as shown in the most recent Treasury Bill auction. The average yield on the 90-days instrument rose by 27 basis points to 14.46%; while the average yield on the 182-days went up by 47 basis points to 14.90%. Notably, July’s outturn means that the yield on both the 90-days and 182-days instruments have surpassed the rates given on OMO instruments of similar maturities by 6 and 20 basis points respectively.

NCBJ's Nine Months Net Profit Up 38%

National Commercial Bank Jamaica Limited reported net profit of $2,251.48Mn (EPS: $0.91) for the third quarter. The 27.8% increase in the group’s botton-line reflects a 31.2% jump in net interest income as well as a 14.0% increase in net fee and commission income. For the nine months to June, NCB’s net profit totalled $6,757.46Mn ($2.74 per share), which is 38.4% above net earnings for the corresponding period last year. The Board of Directors declared an interim dividend of $0.30 per ordinary stock payable on August 27, 2008. The record date is August 14, 2008.

JBG to Expand Ethanol Facility

The Board of Directors of Jamaica Broilers Group Limited at a meeting held on Wednesday, July 23, 2008 approved of the investment by the Company in the expansion of the existing Ethanol Production Facility. It is expected that the expanded plant will be completed by December 2008, and will have an additional annual production capacity of 60 million gallons of fuel grade ethanol and an additional storage capacity of 10 million gallons. This expansion will result in total production capacity of 120 million gallons annually of fuel grade ethanol and storage capacity of 24 million gallons. The Company anticipates that the initial capital outlay for this project will be approximately US$15M.

JMMB to Pay Dividend on Preference Shares

JMMB to Pay Dividend on Preference Shares

Jamaica Money Market Brokers Limited (JMMB), as previously advised, will be making its monthly dividend payments of $0.03, $0.0354375 and $0.031146 on JMMB 12% and JMMB 12.15% preference shares, respectively, on August 14, 2008. The record date for the dividend payment is July 30, 2008 and X date is July 28, 2008.

Carreras to Consider Dividend Declaration

Carreras to Consider Dividend Declaration

Carreras Limited has advised that the directors will consider a dividend declaration at a meeting of the Board of Directors to be held on July 29, 2008.

JMMB Appoints New Director

JMMB Appoints New Director

Jamaica Money Market Brokers Limited has advised that Mr. Rodger Braham was appointed as a director of the company at a Board of Directors meeting held on Tuesday, July 15, 2008.

JP Sells Loss Making Subsidiary

JP Sells Loss Making Subsidiary

Mr. Charles Johnston, Chairman of Jamaica Producers Group Limited (JP), has announced the sale of the Group’s loss-making Serious Desserts business to Noble Goods Limited in a deal valued at J$400 million. JP had previously announced its intention to divest certain non-core businesses. The Serious Desserts business is a three-year-old start-up in the premium segment of the market. The turnover of Serious Desserts represented less than 3% of the Group’s 2007 revenues.

Lascelles Shares to be Transferred to CL Spirits

Lascelles Shares to be Transferred to CL Spirits

The Lascelles deMercado & Co. Limited (Lascelles) shares being acquired from Accepting Share-holders will be transferred to a subsidiary company within the CL Financial Group other than Angostura Limited, which is CL Spirits Limited.  Both Angostura Limited and CL Spirits Limited are subsidiaries of CL Financial Limited. CL Spirits Limited is a wholly owned subsidiary of CL Financial Limited which was established as an investment holding company for the sole purpose of ownership of the Lascelles Shares held or controlled by the CL Financial Group.

Bill Clarke to Retire This Year

Bill Clarke to Retire This Year

The Board of Directors of the Bank of Nova Scotia Jamaica Limited has advised that President and CEO, William ‘Bill’ Clarke has decided to retire on October 31, 2008.

Salada to Consider Stock Split

Salada to Consider Stock Split

Salada Foods Jamaica Limited has advised that the Board of Directors has scheduled a meeting for Tuesday July 22, 2008. At the meeting, the company will be considering a split of the company’s shares.

Seprod Announces AGM

Seprod Announces AGM

Seprod Limited has advised that its Sixty-Ninth Annual General Meeting will be held at the Knutsford Court Hotel, 11 Ruthven Road, Kingston 10 on Monday, August 11, 2008 at 11 a.m.

NCB To Consider Dividend Payment

NCB To Consider Dividend Payment

National commercial Bank Limited has advised that the Board of Directors will consider an interim dividend payment to stockholders, at a meeting to be held July 24, 2008.

Pegasus Declares Dividend

Pegasus Declares Dividend

Pegasus Hotels of Jamaica Limited has advised that a dividend payment of $0.20 per stock unit was declared at a Directors Meeting held on June 30, 2008. The record date is July 9, 2008 and payment date is July 24, 2008. The X date is July 7, 2008.

BOJ Raises Interest Rates

Effective June 26, 2008, the Bank of Jamaica increased rates offered on all tenors of its open market instruments by 50 basis points. This is the third rate hike since the start of the year. The new rates now range from 14.00% on the 30-day instrument to 15.50% the one year instrument. In its release, the bank cited the impact of rising food and oil prices and resulting impact on inflation expectations as the main  reason for the rate adjustment. The increase was aimed at tempering rising inflation expectation which has begun to be reflected in higher wage demand and an increase in the return demanded on investments. The recent increase in demand pressures in the foreign exchange market is also likely to have spurred the BOJ’s policy response.

JP To Acquire Hoogesteger for €9.2Mn

JP To Acquire Hoogesteger for €9.2Mn

Jamaica Producers Group Limited had advised that, in line with its commitment to grow its core juice business, it has reached an agreement with Friesland Foods to purchase Holland’s leading fresh juice and smoothie manufacturer, Hoogesteger Fresh Specialist BV. The Hoogesteger acquisition is valued at 9.2 million euros.

Angostura To Prepay Deferred Portion of Lascelles Offer Price

Angostura To Prepay Deferred Portion of Lascelles Offer Price

Angostura Limited has advised of its intention to prepay the Deferred Portion of US$4.75 per ordinary share of the Offer Price to accepting shareholders of Lascelles de Mercado & Company Limited. All accepting shareholders of 6% Preference shares will also be paid the Deferred Portion of US$0.10 per 6% Preference share, of the Offer Price at this time. Cheques will be issued to Accepting Shareholders no later than July 28, 2008 through Citibank in accordance with the Terms of the Offer.

NCBCM Declares Interim Dividend

NCBCM Declares Interim Dividend

NCB Capital Markets Limited has advised of a declaration of an interim dividend of 17.85 cents per preference stock unit. The dividend is payable on July 28, 2008 to shareholders on record as at July 16, 2008. The X date is July 14, 2008.

T-Bill Rates Rise in June

T-Bill Rates Rise in June

The results of today’s Treasury Bill auction saw an increase in market interest rates. The average yield on the 90-day instrument increased by 27 basis points to 14.19%, while the 180-day instrument yielded an average 14.43%, 15 basis points above the average yield in May. The low bid cover ratio suggest that the results were likely impacted by the low J$ liquidity conditions which prevailed for much of the week. Market interest rates now exceed that of the BOJ rates on open market instruments of similar maturities which yield 13.90% and 14.20%, respectively.

PCFS to Begin Commercial Banking Activities in June

PCFS to Begin Commercial Banking Activities in June

Pan Caribbean Financial Services Limited has advised that PanCaribbeanBank Limited, a subsidiary of Pan Caribbean Financial Services, has finally completed the conversion of its merchant banking activities to commercial banking activities with the name change from Pan Caribbean Merchant Bank Limited to PanCaribbeanBank Limited. The branches will begin offering to its customers and the general public, new commercial banking products and services with effect from Monday, 23 June 2008.

JP Declares Dividend

The Board of Directors of Jamaica Producers Group Limited has declared a dividend of 25 cents per stock unit payable on July 25,  2008 to shareholders on record as at July 3, 2008.  The X date is July 1, 2008.

PCMB Changes Name Ahead of Commercial Bank Launch

Pan Caribbean Financial Services Limited (PCFS) has advised that Pan Caribbean Merchant Bank Limited, a subsidiary of the PCFS, has changed its name to Pan Caribbean Bank Limited with  effect from 22 May 2008.  This is the final step to launching its Commercial Banking activities.

Jamaica Broilers

SVL Net Profit Up 52.4% in H1

SVL Net Profit Up 52.4% in H1

Boosted by marked improvements in the Lottery and Pin Codes businesses, Supreme Ventures Limited registered a 52.5% increase in net profit for the first half of the year to $349.08Mn (EPS: $0.13). Of note, the results were attributed to robust growth in the previous quarter as net earnings in the second quarter fell by 16.6% to $134.08Mn or $0.05 per share. This was due to a rapid increase in operating expenses reflecting the inflationary environment in which the company operates.

PCFS Sold 25% Stake in MCIS

PCFS Sold 25% Stake in MCIS

Effective June 10, 2008, Pan Caribbean Financial Services Limited sold its 25% interest in Manufactures Credit & Information Services Limited (MCIS) to Management Control Systems Limited, a subsidiary of Jamaica National Building society. The transaction value was J$78 million in cash. MCIS provides fleet management services through it Advanced Card product. As a result of this transaction, MCIS is now a wholly owned subsidiary of the Jamaica National Group.

JP-Notice of AGM

JP-Notice of AGM

Jamaica Producer’s Group Limited has advised that its Annual General Meeting will be held at St. Mary Banana Estate Limited, Annotto Bay on Thursday, June 19, 2008 at 11 a.m.

NCBCM To Consider Dividend Payment

NCBCM To Consider Dividend Payment

NCB Capital Markets Limited has advised that its Board of Directors, at a meeting to be held on Wednesday, June 25, 2008, will consider a dividend payment to the Company’s preference share holders.

BNS Declares Preference Share Dividend

BNS Declares Preference Share Dividend

The Board of Directors of the Bank of Nova Scotia Jamaica Limited has declared a dividend in respect of the Cumulative Redeemable Preference Shares of the Bank. The dividend of 6.63 cents per stock unit is payable on June 30, 2008 to preference share holders on record at June 13, 2008. The X date is June 11, 2008.

RBTT Reports Flat Earnings

RBTT Reports Flat Earnings

Goodyear Schedules AGM

Goodyear Schedules AGM

Carreras Hits $4.00Bn Mark in FY2007/08

Carreras Hits $4.00Bn Mark in FY2007/08

PCFS Declares First Preference Share Dividend for 2008

PanCaribbean Financial Services Limited has declared the first quarterly preference share dividend for the year 2008 in the amount of $7.38 per stock unit payable on June 17, 2008, to stockholders on record as at the close of business on June 10, 2008. The X-date is June 6, 2008.

Salada Foods Q2 Earnings Up 77.9%

Salada Foods recovered from the bottle shortage that had adversely impacted revenues in the previous quarters to report a 77.9% jump in net profit for the second quarter of the FY2007/08. Net Earnings for the period increased to $25.47Mn ($2.45 per share) as revenues grew by a robust 34.1%, faster than the 21.5% increase in direct costs. The outturn in Q2 brings net profit for the first half of the year to $37.33Mn relative to $27.07Mn for the corresponding period last year.

T-Bill Results Were Mixed in May

The results of May’s treasury bill auction showed that the average yield on the 91-day instrument decreased by 3 basis points to 13.92% while the yield on the 182-day instruments increased by 8 basis points to 14.28%. Market interest rates could remain relatively stable in the near term in light of the relative stability in the foreign exchange market.

LOJ Officially Launches New Name

Life of Jamaica has advised that the official launch date for the new name of the company “Sagicor Life Jamaica Limited”, will be Tuesday, June 3, 2008.

RBTT to Request Suspension of Trading

RBTT Financial Holdings has advised that it anticipates receiving this week all the requisite regulatory approvals to complete the amalgamation of RBTT and RBC Holdings (Trinidad and Tobago) Limited, an indirect wholly-owned subsidiary of Royal Bank of Canada (RBC). In light of this, RBTT intends to apply to the Trinidad & Tobago, Barbados and Jamaica Stock Exchanges to suspend trading of its shares on June 2, 2008, in accordance with the regulations of these exchanges. If granted, the last effective trading date for RBTT shares listed on the exchanges will be the last trading date immediately preceding June 2, 2008, that is May 29, 2008 in Trinidad & Tobago; and May 30, 2008 in Barbados and Jamaica. All shareholders on record as at June 2, 2008 (other than dissenting shareholders) will be entitled, upon surrender of their RBTT share certificates or account statements from the Central Depositories, as applicable, to receive the Consideration for the RBTT Shares as set out in the Director’s Circular.

H&L Schedules AGM

Hardware and Lumber Limited has advised that its Annual General Meeting is scheduled for Monday June 16, 2008 at 697 Spanish Town Road, Kingston 11, at 10:30 a.m.

LOJ To Be Re-Branded

At its Annual General Meeting, the chairman of Life of Jamaica Limited announced that the company will be re-branded as Sagicor Life Jamaica Limited. This, they believe will further cement their affiliation with Parent Company-Sagicor.

Kingston Wharves Schedules AGM

The Board of Directors of Kingston Wharves Limited has scheduled the next annual General Meeting for Tuesday, June 10, 2008 at the Terra Nova Hotel at 10:00 a.m. Special business to be considered is the adoption of new Articles of Incorporation.

LOJ Amends Resolution For Name Change

Life of Jamaica Company Limited has advised that at the Company's Annual General Meeting held on June 24, 2004, the company's proposed new name of "Sagicor Life of Jamaica Limited" had been approved by Special Resolution. However the new name had not become effective due to the delay in the rebranding exercise of the company. At the company's Annual General Meeting held on May 8, 2008, the amendment to the 2004 resolution was approved by the special resolution for the name to be changed to Sagicor Life Jamaica Limited. The Change of Name became effective on May 13, 2008 and was received by the Company on May 16, 2008. Copies of the Approval of Change of Name and Certificate of Incorporation on Change of Name were submitted.

Gleaner Passes Resolution To Amend Articles Of Incorporation

The Gleaner Company wishes to advise that, Resolution 6 set out in the Notice of the Meeting was passed to amend Article 26 of the Company’s Articles of Incorporation at its Annual General Meeting held on Thursday May 15, 2008. The resolution was passed subject to its approval by the Jamaica Stock Exchange and it would not become effective until such time this approval was granted.

RBTT Declares Dividend

The Board of Directors of RBTT Financial Holdings has declared a dividend of TT$0.65 per share payable on May 28, 2008 to shareholders on record as at May 16, 2008. The X-date is May 14, 2008.

JMMB Declares Dividend

At a meeting of the Board of Directors of Jamaica Money Market Brokers Limited held on May 20, 2008, the Directors have declared a dividend of twelve (12) cents per share to be paid on June 27th, 2008 to shareholders on record at close of business on June 2, 2008. The X-date is May 29, 2008.

SDBG Declares Dividend

The Board of Directors of Scotia DBG Investments Limited declared an interim dividend of $0.27 per stock unit, payable on July 3, 2008 to stockholders on record as at June 12, 2008.

SDBG Q2 Earnings Up 189.4%

Scotia DBG Investments earnings for the period ballooned to $332.55Mn (+189.4%). The improved results came on the back of strong growth in gross operating income (+88.8%),  net interest income (+74.0%) and other revenue (+35.0%). Net profit for the first half of the year was $637.28Mn in comparison to $319.19Mn for the corresponding period last year

Scotia Group Jamaica Declares Dividend

The Board of Directors of Scotia Group approved an interim dividend of 32 cents per stock unit payable on July 3, 2008 to stockholders on record as at June 12, 2008.

Scotia Group Jamaica Record 45.3% Growth in Q2 Net Profit

Scotia Group’s net profit for the second quarter increased by 45.3% to $2.59Bn. The results reflect robust growth in gross operating income which increased by roughly 36.6%. Net interest income also registered significant increases (+34.0%) due mainly to growth in the group’s loan portfolio, in particular its retail portfolio. With the outturn in Q2, net profit for the first half of the year (H1) amounted to $4.78Bn relative to $3.39Bn in H12007.

Resignations And Appointments At SGJ

Mr. David Noel has resigned as secretary from the Bank of Nova Scotia Jamaica Limited, Scotia Group Jamaica Limited and Scotia DBG Investments Limited effective April 30, 2008 to accept an extended training assignment with the International Banking division of Scotiabank in Canada. The Boards have appointed Miss Keri-Gaye Brown as secretary effective May 1, 2008.

NCBJ To Consider Dividend

The Board of Directors of National Commercial Bank Jamaica Limited, at a meeting to be held on Thursday, April 24, 2008, will consider the payment of a dividend.

Seprod Annual Report Delayed; AGM In October

Seprod Limited has advised that the Company regrets the delay in the release of its Annual Report for the financial year ended December 31, 2006. This has been caused by the delay in the finalization of Audited Financial Statements. The report is expected to be released by September 30, 2007. The Annual General Meeting has been Scheduled for the 22, October at 2:30 p.m. at the Courtleigh Hotel & Suites.

Management Changes at GraceKennedy

GraceKennedy Limited has advised that Mr. Michael Ranglin was appointed CEO of GK Foods Division and Mr. James Moss-Solomon retired from the Company.