Managing Director for AMG Packaging and Paper Limited, George Hugh, is reporting another challenging year for the company, a year in which they were forced to discontinue the production of toilet tissue resulting in a net loss of JA$68 Million dollars.
And despite a 9 per cent increase in revenue, gains he said, were eroded by dramatic increases, as paper prices increased 30 to 40 per cent throughout the period.
Paper suppliers he said have indicated some stability returning to the market towards the end of the financial year.
The financial results where further impacted by the devaluation of the Jamaican dollar, impacting the company’s overall performance.
The company’s audited report for the 12-month period ending August 31st 2018 reflected an improvement in total revenues from continuing operations of JA$719 Million, an improvement on the JA$660 Million reported for 2017.
There were however reductions in both gross profits of JA$163 Million compared to JA$172, and profit after tax of JA$43 Million, compared to JA$46 Million for 2017.
AMG Packaging and Paper Limited, which is listed on the Junior Market of the Jamaica Stock Exchange, closed the year with flat earnings per share of 7 cents on continuing operations.