FosRich Company Limited is report in unaudited results for the nine months ended 30 September 2018 improved income of JA$945.9 million compared to JA$796.2 million for the prior reporting period. An increase of $149.6 million.
Gross profit for the year-to-date was JA$410.3 million compared to $360.1 million for the prior reporting period. An increase of $50.2 million.
For the third quarter the company recorded revenues of JA$353.6 million, compared to $231.7 million for the prior reporting period. An increase of $121.8 million.
Gross profit for the quarter was $141 million compared to $106.1 million for the prior reporting period.
Managing Director Cecil Foster said these increases were attributed primarily to the greater availability of the products required by the market and that other income for the year to-date benefitted from favourable foreign exchange gains amounting to $14.0 million.
Profit-after-tax generated for the period was $71.0 million, an increase of $48.4 million or 215% over the $22.6 million reported for the prior reporting period.
Mr. Foster announced last week his intention to diversify the business and revenue streams of the company by setting up a production facility to enter into a to be named market segment estimated to be worth at least JA$20 billion.
Mr. Foster indicated that the expansion would be funded through the issue of a corporate bond to finance inventory for the new industrial division, but did not disclose the size of the bond, only that he expects the placement to close this month.
Speaking at the Mayberry Monthly Investor Forum last week, he indicated that they were going to use a very unique way of financing the expansion and have already engaged with their financial partner.
The process he said is now being executed, and within the next two weeks, they will have the funds to do the expansion.
FosRich Company Limited, which currently trades in lighting and energy products, closed the period with Earnings Per Stock Unit of 14 cents compared to 6 cents in the prior period, reflecting an increase of 152%.BM
To view Unaudited Financial Statements Nine Months Ended 30 September 201 click HERE