Paramount Trading Jamaica Revenue’s Continues To Reflect Relatively Strong Growth In First 3 Months Of The Year.
The Directors of Paramount Trading (Jamaica) Limited are reporting that revenue continues to reflect relatively strong growth in the first 3 months of the year.
In recently released unaudited results for the three months ended August 31, 2018 the company is reporting sales of $372.2m versus $330.9m in the corresponding period in the previous year, reflecting an increase of $41.3m or 12.5%.
Commenting on the results Managing Director Hugh Graham indicated that this does not include additional inflows related to the new joint venture with Allegheny which is accounted for separately.
The growth he said was due largely to growth in the Core Chemical business line of $43.5m or 16.9%.
Although the Net Profit for the period amounted to a year over year reduction to $7.1m, Gross Profit increased by 20.9% moving to $122.6m up from $101.4m in the corresponding period in the previous year he reported.
Apart from additional necessary funding costs and depreciation expenses occasioned by strategic expansion in the core business and in adjacent business, the company also experienced significant currency devaluation impact.
In fact, forex losses of $18.9m alone absorbed more than 50 percent of the revenues he said.
Paramount Trading (Jamaica) Limited closed Q1 with reduced earnings per share of 0.005 cents compared to the 0.022 cents reported for 2017.