Paramount Trading Revenue Continues To Reflect Growth, Net Profits However Declining
Paramount Trading (Jamaica) Limited is reporting that revenue continues to reflect growth in the last 6 months, recording sales for the six-month period of JA$697.3M versus $687.2M in the corresponding period last year, reflecting an increase of $10.1m or 1.5%.
In his report to stockholders for the six months ended November 30, 2018, Hugh Graham, founder and chief executive officer of Paramount Trading, reported that since the beginning of this financial year, the company commenced accounting for the lubricant business through the new joint venture blending operations with Allegheny and consequently its share of the profit from the venture, is reported separately in the Financial Statements.This amounted to $1.4m in the current quarter and $2.1m YTD.
Commenting further he said Gross Profit increased to $232.5m in the 6-month period up from $200.5m in the previous year, representing an increase of $32.1m or 16%. This resulted from improved margins earned in this period as the company made price adjustments.
Net profit for the 6 months, however, declined from $58.6m in previous year to $45.7m this year, or by $12.9m, as a result of additional administrative expenses incurred to support business development in line with strategic objectives.