Knutsford Express reported a net profit of $157.93Mn (EPS: $0.32) for the nine months ended February 28, 2019, which translates to a 23.1% increase over the $128.31Mn (EPS: $0.26) earned in the prior year.
This came on the back of revenues that amounted to $841.92Mn which represents a 45.9% increase over the $577.13Mn generated in 2018. The growth was attributed to increased patronage of overseas visitors traveling between its various destinations, in particular to and from Negril where the number of departures doubled in the quarter.
The stock has declined by -5.46% YTD and currently trades at a P/E of 29.26x earnings which is above the junior market average of 20.91x earnings.
For the nine-month period ended February 28, 2019, Paramount Trading Limited reported an unaudited net profit of $45.5Mn (EPS: $0.03) which represents a 31.6% decrease relative to the corresponding period in 2018
The decline in profit was primarily driven by an increase in administrative expenses (+25%), from $215.5Mn in 2018 to $270.1Mn in 2019 coupled with an increase in selling & distribution expense (+18.9%) and the application of a $2.03Mn tax on the company. Notably, the company is now in the 6th year of trading and therefore income tax is now calculated on the profit.
The stock has fallen 25.9% since the start of the calendar year closing at $2.15 yesterday. At this price, PTL currently trades at a P/B of 4.6x which is above the Junior Market Distribution Sector average of 3.5x.
Trinidad Petroleum Holdings Ltd is offering an exchange for all outstanding notes due in 2019 and 2022 for new USD-denominated notes and, if applicable, cash, according to a company statement. New senior secured notes with 9.75% coupon would mature 2026
Trinidad Petroleum conducting consent solicitations from bondholders for amendments that would “eliminate substantially all of the restrictive covenants, certain events of default and release of guarantees upon the sale of certain subsidiaries and other related provisions contained in the Existing Indentures”
The exchange offer and consent solicitation will expire May 10, unless an extension is granted or offer is terminated earlier. Early tender deadline is set for April 26. The company says it has $850m outstanding on notes due 2019; ~$219m outstanding on notes due 2022.
European negotiators got the green light this week to get started on trade negotiations with the U.S., with a target of getting something done by September.
Meanwhile, the U.S. and China continue to talk and the latter is considering a request from the former to shift some tariffs on agricultural goods to other products, just as U.S. soybean shipments slump.
All in all, the four biggest economies in the world are now gripped by trade negotiations.
The Housing Agency of Jamaica (HAJ) will be increasing the number of affordable housing solutions provided to low- and middle-income earners.
As stated in the 2019/20 Public Bodies Estimates of Revenue and Expenditure, the entity is projecting to deliver some 1,460 solutions this fiscal year, up from 309 in 2018/19. These comprise serviced lots, housing starts and/or completed houses.
In addition, construction is scheduled to commence on 2,058, housing starts, up from 1,477 in the previous financial period.
Officials of the International Monetary Fund (IMF) are banking on a return to growth for the Barbados economy as a result of Government’s austerity measures.
Chief of the World Economic Studies Division in the Research Department of the IMF, Oya Celasun is predicting that confidence will return to the local economy in the coming months as a result of the four-year austerity IMF-backed programme.
Responding to a question from Barbados TODAY at the 2019 World Economic Outlook media conference in Washington yesterday, Celasun also pointed out that in coming months, tourism-dependent economies in the Caribbean should experience higher growth than commodity dependent ones.
With the start of the Atlantic Hurricane season in June not too far away, forecasters are predicting a below average season.
In a statement, researchers said: “We anticipate a slightly below-average probability for major hurricanes making landfall along the continental United States coastline and in the Caribbean.”
The Colorado State University Tropical Meteorology predicts five hurricanes, 13 named storms, 50 named storm days, 16 hurricane days, two major (Category 3-4-5) hurricanes and four major hurricane days.
The 2018 season saw 15 named storms and eight hurricanes which included two Category 4 hurricanes. The 2019 hurricane season starts June 1 and ends November 30.