Latest News

KWL reports robust growth in profitability in 2010 Published: 21 February 2011

Kingston Wharves Limited (KWL) reported net profit of $887Mn (EPS: $0.56) for the 2010 financial year. This more than quadrupled net profit of $196Mn (EPS: $0.14) recorded over 2009. The performance was driven by increased volumes of cargos processed, actuarial adjustment of its pension fund and the appreciation of the local dollar which positively impacted financing costs which are predominantly US$ liabilities.

Net profit spikes in Q1 for Lascelles DeMercado Published: 18 February 2011

Despite flat revenue growth during the quarter, the conglomerate started the financial year on a bright note. Cost reductions across major expense lines helped to drive up the performance during the quarter. For the three month period ended December 2010, net profit jumped 37% to $821.3Mn (EPS: $8.56) compared to $601.1Mn (EPS: $6.26) in the first quarter of the 2009/10 financial year. Further improvement in operational efficiencies will be necessary over  subsequent quarters without further increases in gross revenues.

GKL records yearly decline in earnings; Subsidiary welcomes turnaround in profitability Published: 17 February 2011

GraceKennedy Limited (GKL) ended the 2010 financial year with net profit of $2.25Bn; 13% below the $2.57Bn that was recorded in 2009. Lower interest income, FX losses from the appreciation of the local dollar in addition to weak consumer spending all contributed to the performance throughout the year. However, its subsidiary Hardware and Lumber (H&L), welcomed a turnaround to profitability during the year. The company recorded net profit of $19.3Mn compared to the loss of $225.7Mn last year. The reduction in overhead costs in addition to the positive impact of the appreciation of the local dollar both contributed to the financial performance during the year.

RJR reports decline in quarterly earnings Published: 16 February 2011

With the group experiencing falling revenues along with rising expenses related to salaries and technology upgrades, net profit continues to decline. The third quarter ending December 2010 saw net profit declining 35% to $67.6Mn compared to $103.6Mn recorded in the same period in 2009. Year to date after-tax profits amounted to $140 million; a decline of 34% from the $212 million recorded over the corresponding period in 2009. The largest expenditure category was seen in administrative expenses which increased by 10%. This was due to the increase in salaries, professional fees and introduction of websites and internet activities to allow improved streaming capabilities and real time access to  news, sports and other features both locally and abroad. Management anticipates that these developments will yield favourable results in the medium term. However, the financial performance is likely to fall considerably below last year.

Berger Paints Limited Published: 11 February 2011

Strong demand for paint during the yuletide season relative to the previous quarters contributed to the 47% jump in Berger Paints’ net profit for the third quarter ending December 31, 2010. Repairs undertaken in the aftermath of Tropical Storm Nicole also helped to boost sales of the company’s products. The company also benefited from the stable exchange rate, improved efficiencies and a reduction in overhead costs. Net profit for the period came out at $65.8Mn (EPS: $0.31). Net profit for the nine month period is up 10.8% to $78.2Mn. The company continues to focus intensely on the export market which saw a 32% increase in sales during the nine month period.

Salada Foods Limited Published: 11 February 2011

Rising fuel and other raw material costs, in addition to higher selling and administrative expenses resulted in Salada Foods Limited reporting a 25.1% decline in net profit for the first quarter. Net profit moved from $21.5Mn to $16Mn in the period under review. Higher expenses eroded the 7% gain in revenues which came on the back of an increase in the volume of coffee produced for domestic consumption. Given the expected modest growth in revenues, the company could continue to face challenges to increase profitability given rising costs of important inputs as well as the increase in the cess charges by the coffee industry board.

JLA declares dividends on its preference shares Published: 10 February 2011

The Board of Directors of The Jamaica Livestock Association Limited (JLA) has declared a dividend of $0.035 on its Cumulative Participating Preference Shares payable on March 31, 2011 to shareholders on record as at February 18, 2011. The ex-dividend date is February 16, 2011. At a meeting held on February 8, 2011 JLA appointed Mr. Henry W. Rainford to serve on the Board of Directors.

 

CWJA reports another quarter of losses Published: 10 February 2011

Cable and Wireless Jamaica Limited reported yet another quarter of losses. For the third quarter, the group recorded net losses of approximately $1.3Bn (loss per share: -$0.07). This is more than three times the net loss of $351Mn ($-0.02) that was recorded over the same period last year. The performance during the quarter now brings net losses for the nine month period to $2.4Bn (EPS: -$0.15). Higher operating costs associated with increased marketing and employee compensation eroded the 9.5% growth in gross revenues. The company is currently in exploratory talks with a global service provider to examine the feasibility of the sale or disposition of the part of the business comprised of its field service operations. Although the ongoing talks are geared at examining opportunities to achieve cost savings and improved customer service, the intense competition in the telecommunications industry is likely to continue to restrict growth in revenues for the company.

Carreras limited declares dividends to shareholders Published: 09 February 2011

The Board of Directors of Carreras Limited has declared an interim dividend of $1.50 per stock unit payable on March 17, 2011, to stockholders on record as at February 22, 2011. The ex-dividend date is February 18, 2011.

SDBG and SGJ to hold AGM Published: 08 February 2011

The Annual General Meeting of Scotia Group Jamaica Limited will be held on Wednesday, March 2, 2011 at 9:00 a.m. at the Jamaica Pegasus Hotel, 81 Knutsford Boulevard, Kingston 5.