Jamaica Broilers Group (JBG) started the 2014/15 financial year grappling with excessive losses from its Ethanol Division. As a result of this, net profits for the first quarter period was $113.6Mn (EPS: $9.47), an 18.9% decline in earnings when compared to the corresponding period in 2013. On the revenue front, robust performance from both the company’s Best Dressed Foods Division and US Operations resulted in JBG registering an impressive 12.3% growth in sales to $7.9Bn. Most notably, the company’s gross profit margin improved from 18.8% in the first quarter of FY2013/14 to 22%. However an increase in expenses eroded gross margins. The expansion of distribution channels and various undertakings in JBG’s US operations pushed overall distribution costs to $226.4Mn, up 57.2% while administrative costs increased by 32.4% to $1.29BnMn.

Though the company’s top-line and operating income performance were able to benefit from the solid results from its Best Dressed Foods and US Operations segments, the revenue underperformance of its HIPRO-ACE Division and its Ethanol Divisions relative the same period last year weighed on the company’s overall earnings outturn. The HIPRO-ACE Division was able to turn over a meager 5.2% increase in segment results in spite of lower revenues, but the Ethanol Division saw a 93.6% decline in revenues and then reported an $88.8Mn operating loss. Consequently, JBG’s net profit margin moved down from 1.9% in Q1 2013 to 1.4% in Q1 2014.

The Boards of Directors of SGJ and SIJL have approved interim dividend of $0.40 and $0.45 per share respectively. Both are payable on October 16, 2014 to shareholders on record as at September 25, 2014.The ex-dividend date is September 23, 2014.

Caribbean Producers Jamaica Limited has advised that Ms. Kesha-Ann Harper has been appointed to the post of Director of Finance as of September 1, 2014. Ms. Harper will be responsible for the company`s finance division, reporting to the Chief Financial Officer, Ms. Jan Polack.

Caribbean Cement Company Limited (CCC) has advised that Dr. Rollin Bertrand has resigned as a director from the board of CCC effective August 22, 2014.

Cable & Wireless Jamaica Limited trading as LIME has advised that Senator Kamina Johnson Smith will demit office as Company Secretary on September 30, 2014. The board has accordingly appointed Ms Rochelle Cameron as Corporate Secretary with effect on October 1, 2014.

The Annual General Meeting of Jamaica Broilers Group Limited will be held at the Jamaica Conference Centre, Ocean Boulevard, Kingston Mall, Kingston on Saturday, November 1, 2014 at 10:00 a.m.

LASCO Financial Services Limited (LASF) has advised that due to increased professional responsibilities, Mr. Gary Peart has resigned from the Board of Directors of LASF effective September 2, 2014.

Desnoes & Geddes Limited has advised of the appointments of Mr. Dwaine Williams and Mrs. Blandine JnPaul-Reid to the posts of Head of Commercial and Head of Marketing with effect from September 8, 2014 and October 1, 2014 respectively.

Kingston Properties Limited (KPREIT) has advised that through its subsidiary, Kingston Properties Miami LLC, it has concluded the sale of 4 of its 19 residential condominium units for approximately US$980,000 (J$110 million), realising cumulative capital gains of 69.5% over the four-year holding period. Additionally, KPREIT re-invested the net proceeds in a 19-unit residential apartment building (15,000 square feet) in an area of Miami that is close to its downtown and is beginning to see a renaissance. This property was purchased for US$1.88 million (J$211 million).

Access Financial Services Limited has advised that Messer`s Neville James and Gary Peart have been appointed shareholder directors by the two shareholders each controlling more than 20% of the voting shares of the company. The appointments will take effect at the end of the Annual General Meeting scheduled for September 10, 2014.