KLE Group Continues To Enjoy Improved Profits, Marks Sixth Consecutive Quarter Of Profits- Matalon
According to KLE Group CEO Gary Matalon the company continues to enjoy improved profits as he marked the company’s sixth consecutive quarter of profits.
The current growth path and trajectory he said, is largely the result of extensive restructuring efforts and the dedicated and strategic drive to market from Usain Bolt’s Tracks & Records, as the premier destination for an authentic experience for both locals and foreigners.
Commenting on KLE’s growth path going forward he indicated that the company continues to unearth cutting edge ideas and techniques of streamlining its business to increase efficiencies, reduce cost, maximize profits and generate positive returns for its shareholder.
Under the FranJam banner the company is poised he said, to increase its revenue capacity as more franchises and innovative concepts will set the motion that will further the brand’s objectives.
FranJam now has a franchise in Ocho Rios and another franchise is expected to be officially launched in the latter part of this financial year. These new franchise and all the ventures of FranJam will have a positive impact on the company, he reported.
As the company takes aim at the global market, it remains resolute to its shareholders, employees, clients and customers by sustaining profitability and preserving the authenticity of its brands.
Commenting on the company’s financial performance for the six months ended June 30, 2017, Mr. Matalon indicated that the group benefited from a 14% increase in revenues moving up to JA$103.7million from the JA$90.7 million in 2016.
With the increasing revenues, the company has managed to stabilize its cost of sales at 32 percent of revenues. The cost control strategy that is employed by the company is robust and is the resultant factor for the continued improvement and stabilization of the company’s gross margin. Gross profit percentage for the period equaled 68% and this equates to a 14% or $8.5 million increased when compared to the same period in the prior year he reported.
KLE’s Flagship Brand, Tracks and Records Marketplace, continues to perform exceptionally well with steady increases in revenues.
Operationally the company continues to efficiently manage its operating and administrative cost.
As the business becomes more diverse, operating and administrative cost becomes greater and KLE has found efficient and diverse ways to minimize and reduce some of these costs. These strategies have helped them to achieve a steady but consistent growth in operating profits over the last couple of quarters.
KLE Group continues to improve its working capital and cash flow ratios and the company’s current assets continue to increase at a faster rate that its liabilities.
In fact, Matalon told shareholders, in the current reporting quarter, current liabilities decreased by JA$12.5 million while total current assets grew and with the continued increase in the company’s performance he is expecting the company to improve its levels of liquidity and improve on its current ratios. BM
To view Unaudited Financial Statements Six Months Ended June 30, 2017 click HERE