Paramount Trading Q3 Profit Hit By Margin Reductions and Increased Competitiveness
Paramount Trading Jamaica unaudited results for the nine months ending February 2018 is reporting strong growth in revenues, this according to Managing Director Hugh Graham in his report accompanying the statement.
Sales for the nine-month period were JA$1.03 Billion, 24 percent or JA$199.5M higher than the JA$836M recorded in 2017 for the same period.
Third quarter sales were also up coming in at JA$348 Million, 17.3 percent or JA$51.5M higher than the JA$297M for the 2017 quarter.
The strong sales performance for the quarter was driven by their lubricants business line.
On the profit side, Paramount Trading is reporting nine month profits of JA$66.5M, which the Directors said represented 82 percent of the JA$81M profits made in the same period in the previous year.
This decline they said, resulted from a reduction in Gross Profit margins in some business categories, caused by increased competitiveness, increased staff costs, depreciation and other activities to support business development in line with their strategic objectives.
Paramount Trading closed the nine-month period with earnings per share of .04 cents compared to the .05 cents for 2017.BM
To view full Paramount Trading (Jamaica) Limited Unaudited Financial Statements 3rd Quarter Ended February 28, 2018 click HERE