FosRich Year-To-Date Income Benefitted From Commissions Earned On JPS Street Lighting And Other Projects
Chairman of FosRich Company Limited, Marion Foster, is reporting income of JA$1,2B for the nine months ended 30 September 2019, compared to $946 million for the prior reporting period, an increase of $240 million.
Gross Profit for the year-to-date was reported at JA$515 million compared to $410 million for the prior reporting period, representing an increase of $104 million.
These increases she said were attributed primarily to the greater availability of the products required by the market, as other income for the year-to-date benefitted from commissions earned on JPS street lighting and other projects, amounting to $17 million.
During the third quarter the company generated income of $368 million compared to $320 million for the prior reporting period, representing an increase of $47 million.
Gross profit for the quarter was $156 million compared to $141 million for the prior reporting period.
Administration expenses for the year-to-date was $394 million, reflecting an increase of $80 million, driven by a combination of building out of their human resources expertise, as well as cost associated with the 25th anniversary celebration of the company,
There was also the addition of a new Business & Relationship Manager, a new Operations & HR Manager, increased sales commission due to improved sales performance and improvements in staff benefits, increased legal and professional fees, increased selling and marketing costs, increased insurance costs and increased irrecoverable GCT.
Finance cost for the year-to-date was $67 million, compared to $43 million for the prior reporting period, an increase of $25 million, driven by a new bond issue, obtained to assist with the financing of operations.
This new facility was obtained at more favourable rates than the previous bank or line of credit facilities.
Profit-after-tax generated for the period was $73 million, compared to the $71 million reported for the prior reporting period.
Shareholders’ Equity Shareholders’ equity now stands at $767 million, up from the $693 million at 31 December 2018.
The net increase of $73 million arose as a result of retained profits for the year-to-date.
FosRich Company Limited closed the nine months ended 30 September 2019 with earnings per stock unit of 15 cents up from 14 cents in the prior period.