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Jetcon Limited Reports Strong Increase In Profits

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8 years ago

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John Jackson’s Jetcon Corporation Limited has indicated in its first quarter report that it has used IPO proceeds to pay down interest bearing bank debt.
In March the company raised J$96 million via the offer which its prospectus stated was needed for debt repayment, expansion of storage and showroom space and working capital support.
In the first quarter report, the car dealer indicated that all loans that were outstanding at the end of December 2015 have been repaid with cash now on hand increased to $60.5 million.
The capital raised in the IPO “places us in a position to add and widen our inventories of motor vehicles, amongst other strategies planned for expansion,” chairman John Jackson and managing Director Andrew Jackson said in the quarter’s report.
The company indicates that it is hoping to secure the contract to supply the security services with used vehicles which being considered by government of Jamaica.
For the quarter ended March, Jetcon saw an increase in revenues of 55 per cent in the first quarter ending March to $147,669,375 compared with $95,548,77 in the 2015 March quarter.
According to the company’s financials, Jetcon realized a net profit of $14.45 million compared with $6.8 million in the same period in 2015.

Jackson says sales based on the early days of April also continue to be ahead of 2015, something that he says augurs well for the results for the June quarter, barring any unfavourable developments.

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John Mahfood “I Listed on the JSE to Raise Capital for My Business”

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7 years ago

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November 24, 2016

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JSE Online Trading Platform

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7 years ago

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November 24, 2016

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Grace Stockholders To Vote On 3-for-1 Stock Split Today

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8 years ago

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July 11, 2016

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Shareholders of GraceKennedy Limited will this morning meet to consider and, if thought fit, approve a recommendation for a three-for-one stock split.

If approved, shareholders will receive three stocks for each one that is currently held.

According to group CEO Don Wehby, the stock units with a market price of J$115.00 per stock unit prior to the split will now increase threefold with an initial price of J$38.33 per stock unit

He says the stock split would allow GK’s stock to be made available to more investors while further enhancing the market for the shares.

Ahead of this morning’s Extraordinary General Meeting, GK last week issued 59,360 additional GK shares.

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UK Loses S&P Triple A Rating

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8 years ago

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June 27, 2016

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The UK has lost its top AAA credit rating from ratings agency S&P following the country’s vote to leave the EU.

S&P says the referendum result could lead to “a deterioration of the UK’s economic performance, including its large financial services sector”.

Earlier the pound plunged to a 31-year low against the dollar, and UK markets closed lower for a second day. On Friday,

Moody’s cut the UK’s credit rating outlook to negative.

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Caribbean Hotels Named In Jetsetters’ 2016 Best Of The Best

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8 years ago

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June 27, 2016

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Three Caribbean hotels have been named in US-based travel and lifestyle magazine Jetsetter’s 2016 Best of the Best awards.

The list which was published recently, highlighted the world’s 20 best hotels in categories ranging from Best Over-The-Top Luxury to Best Safari Lodge.

Included in the list were Antigua and Barbuda’s Barbuda Belle Luxury Beach Hotel, Anguilla’s Zemi Beach House Resort & Spa, and St Lucia’s BodyHoliday.

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