Jamaica Broilers Group Reporting 2019 Q1 Group Revenues of JA$13.3B, A 9% Increase Over The JA$12.2B Reported For 2018.
Jamaica Broilers Group Limited is reporting Group revenues for the first quarter ended July 27, 2019, of JA$13.3 billion, a 9% increase over the JA$12.2 billion achieved in the corresponding quarter of 2018.
Gross profit for the quarter was $3.3 billion, a 5% increase over the previous year.
Commenting on the results President & Chief Executive Officer Christopher Levy noted that the Jamaica Operations reported a segment result of $764 million, which was $78 million or 9% below last year’s segment result of $842 million. This decrease he reported was attributed to a $152 million reduction in foreign exchange gains when compared to the prior year. Total revenue for the Jamaica Operations showed an increase of 2%.
US Operations reported a segment result of $333 million, which was an 11% increase over the prior year’s result of $300 million.
This increase was primarily attributable to earnings from the feed mill, which was acquired after the first quarter in the previous year.
Total revenue for this segment increased by 29% over the prior year driven by sales of feed.
Haiti Operations reported a segment result for the first quarter of $19 million, which is $41 million or 68% below last year’s segment result of $60 million. Total revenue reduced by 10% and the current decline in performance is a result of the current political and economic instability being experienced in Haiti.
The Other Caribbean Operations reported first quarter segment results of $536 million a decrease of $312 million from the corresponding quarter of the previous year. The decrease is mainly due to the net results of the JBGL Stockholders Nominee Limited, driven by the unrealised fair value gains of the shares held.
Despite the adverse variances experienced on foreign exchange movements, the Group’s operations produced a noteworthy operating profit of $679 million, an increase of 2% over the prior year, he reported.
Finance income for the Group, showed a reduction of $264 million compared to last year resulting from reduced foreign exchange gains and reduction in interest income from the WIP loan, which was sold during this first quarter.
Profits attributable to stockholders was recorded at $368 million, an 8% decrease from the corresponding quarter of the prior year.
Jamaica Broilers Group closed the period with earnings per share of 35.81 cents per stock unit, a 7% decrease from the corresponding quarter of prior year.