AMG Packaging And Paper Company Reporting 216% Jump In Profit After Tax For 3rd Quarter Ending May 2019
AMG Packaging and Paper Company is reporting a significant 216 percent jump in profit after tax for their 3rd quarter ending May 2019, as the company moved from a loss of JA$31M in 2018 to a profit of JA$36M in 2019
This on the back of revenues of JA$588M, a 9 percent on the JA$539M reported in 2018.
There was an 11 percent increase in manufacturing costs as expenses moved from JA$417M in 2018 to JA$462M in 2019.
Administrative expenses also increased by .81 percent.
These results were contained in the company’s just released unaudited financial statements for the 9 months ending May 2019.
In his comments on the six (6) months results, Managing Director George Hugh had reported that although paper prices appear to have stabilized on the world market, the dramatic increases they encountered throughout last year continued to negatively affect their bottom line due to the fact that they have been unable to pass on all the increases to customers.
Commenting further on the 3rd quarter, Hugh reported to shareholders that the company has completed the acquisition of 12 Retirement Crescent, for which the Board has authorised management to seek funding for the further development. The company currently operates from 9 Retirement Cres.