Earnings Decline Sharply-Consolidated Bakeries (Purity)

For the six month period ended June, Consolidated Bakeries experienced a 39.8% decline in earnings to $14.6Mn (EPS:$0.07). The falloff in net profit reflected higher operating expenses which were up by   15.2%, on account of costs relating to engineering, branding and reorganization. On the revenue side, the company registered an increase in sales of 17.9% over the corresponding six month period in 2013, representing growth in all product categories.

The Planning Institute of Jamaica has indicated that in the April - June 2014 quarter, real GDP grew by an estimated 1.2% relative to the corresponding period of 2013. The Goods Producing Industry increased by 3.6% and the Services Industry recorded growth of 0.5%. Within the Goods-Producing Industry, increases in Agriculture, Forestry & Fishing (up 12.5%) and Construction (up 1.0%) outweighed declines of 0.6% and 0.3% recorded by Mining & Quarrying and Manufacture, respectively. All subcategories of the Services Industry recorded growth except for Producers of Government Services (down 0.2%) and Electricity & Water Supply (down 1.6%). The industries registering the largest increases were Hotels & Restaurants (up 2.7%); Transport, Storage & Communication (up 1.3%); and Other Services (up 1.0%).

For January – June 2014, real GDP was estimated to increase by 1.4%

The Board of Directors of Pan-Jamaican Investment Trust Limited will consider the payment of a third interim dividend for the year 2014 at a meeting to be held on August 12, 2014.

The Board of Directors of LASCO Financial Services Limited has declared an interim dividend of $0.03 per share payable on September 2, 2014 to shareholders on record as at August 21, 2014. The ex-dividend date is August 19, 2014.

National Commercial Bank Jamaica Limited (NCBJ) has advised that the decision has been taken that Mrs. Nadienne Neita, Assistant General Manager - Corporate Banking Division, will demit office effective August 15, 2014. NCBJ advised that this decision had been taken in the context of the on-going review of the organisational structure at all levels.

The Annual General Meeting of Medical Disposables & Supplies Limited will be held on Tuesday, September 30, 2014 at 10:00 a.m. at the Courtleigh Hotel & Suite, 85, Knutsford Boulevard, Kingston 5.

Supreme Ventures Limited has advised that its office that was situated at the 8th floor, Sagicor Sigma Building, 63-67 Knutsford Boulevard, Kingston 5 has been relocated to 9A Retirement Crescent, Kingston 5. The following Divisions have been relocated: Human Resources, Sports Betting, Security & Surveillance, Facilities & Maintenance, VLT Operations, Business Development and Corporate Secretariat.

The Annual General Meeting of Jamaica Money Market Brokers Limited (JMMB) will be held in the Venetian Room at the Terra Nova All Suite Hotel, 17 Waterloo Road, Kingston 10, Jamaica on Wednesday September 17, 2014 at 11:30 a.m. By order dated April 25, 2014 the Supreme Court of Judicature of Jamaica has directed a Meeting of the members of JMMB who are entitled to receive notice of, attend and vote at general meetings of the Company, be convened for the purpose of considering and, if thought fit, approving (with or without modification) a Scheme of Arrangement made between the Company and its said members, and that such Meeting will be held at the Terra Nova All-Suite Hotel, The Venetian Room on Wednesday September 17, 2014 at 10:30 a.m.

The Board of Directors of LASCO Financial Services Limited will consider a dividend payment at a meeting to be held on August 5, 2014.

Pan-Jamaican Investment Trust Limited has advised of the following: its acquisition of shares in Sagicor Life Jamaica Limited in 2012 for a consideration of $3,055,100,542 was funded in part with proceeds from a private placement of $2,500,000,000 in secured notes with maturities ranging from 2 years to 5 years. The first tranche of $600,000,000 matured on July 22, 2014 and arrangements have been made to refinance the said amount with effect from July 23, 2014 for a further two years.