Revenues for West Indian Tobacco rose moderately to $293 million from $282 million for the quarter and for the nine months to September 2015 and increase of 4 percent to $909 from $872 million in 2014, including excise taxes.
The slight revenue growth resulted in a 9.7 percent increase in profit before taxation of TT$479 million, for the nine months and profit after taxation of $354 million, an increase of 7.6 percent over 2014. For the September 2015 quarter, profit after taxation ended at $113 million an increase of 6.7 percent over 2014.
Expenses were kept below that of 2014, in the latest quarter and year to date, with only selling and distribution expenses showing a slight increase of $600,000 for the year to date.
The Board has accordingly approved the payment of a third interim dividend of $1.44 per ordinary share payable on 30 November 2015 to shareholders of record at close of business on 11 November. For the year to date dividends already paid amounts $3.17. Witco has been paying all of its profit each as dividends with a pay out of $5.51 from full year earnings of $5.81 in 2014.
The company is a subsidiary of British American Tobacco Company and is listed on the Trinidad and Tobago Stock Exchange (TTSE), it manufactures and markets cigarettes. The stock last traded at $126 on the TTSE. Earnings per share for the quarter is, $1.34 versus $1.26 in 2014 and for the year to date, $4.20 versus $3.91 in 2014 and the net book value works out at $4 per share with the equity of $336 million. Earnings per share should reach $6.25 for 2015 and would result in a PE of 20 times earnings.
Archives for October 2015
Witco growing profit up bit by bit
Q4 Profit jumps 215% at AMG
AMG Packaging enjoyed a great year to August, with 74 percent jump in profits to $79 million over 2014 and 86 percent before expenses incurred for the new toilet tissue operation. For the last quarter of the fiscal year things were even better with a 215 percent jump to $27 million.
Earnings per share for the full year to August amount to 78 cents, up from 45 cents in 2014.A sharp $4.5 million fall in fuel cost and repairs and maintenance respectively, a 50 percent cut in selling and distribution expenses amounting to $7 million, and lesser declines in wages, electricity along with an increase in revenues helped to improve gross profit, margins and the results for the year.
Gross cash flow generated from operations came in at $92 million, up from $58 million in 2014. Going forward its unclear what impact the new operations will have, barring any major losses IC Insider is forecasting $1.05 per share after tax for 2016, the first year of reduced taxation will be payable. The company paid dividends of $18.4 million during the fiscal year and in the prior year $20.5 million.
Looks like a greater stability in raw material cost and attention paid to cost in a number of areas, paid rich dividend in the past four quarters and in particular the final quarter. Cost of sales fell from $491 million in 2014 to $484 million and gross profit jumped to $149.4 million from $116 million, an increase of 28.6 percent. Revenues rose moderately by 3 percent for the quarter to $172 million and 4 percent increase for the full year to hit $633 million. While the growth in revenues may not appear electric closer look indicates a growth of around 7 percent on a quarter over quarter basis for the last 4 quarters.
Administrative expenses rose from $48.5 million to $51.4 million in 2015 and finance cost declined form $10 million to $8.7 million.
Borrowings grew to $151.6 million while cash funds rose $64 million from $22 million in 2014. The balance sheet shows $59 million deposited to purchase equipment for the new tissue operation. Current assets stood at $335 million and current liabilities at $60 million. Equity capital grew to $377 million from $316 million.
AMG Packaging is in the business of manufacturing paper based boxes for the packaging and its shares are listed on the junior market of the Jamaica Stock Exchange and last traded at $4.80 with a gain of 82 percent for the year to date.
Jam$ falls again on Friday
Inflows of foreign currencies into the system on Friday increased sharply over that on Thursday but the Jamaican dollar continued to lose ground against the US and Canadian dollars and the Pound sterling. At the close of trading, the equivalent of US$44,956,234 was bought by dealers, compared with US$28,233,428 on Thursday, while they sold the equivalent of US$47,742,798 versus US$39,641,899 on the previous trading day.
In US dollar trading , dealers bought US$40,384,483 compared to US$25,490,364 on Thursday. The buying rate for the US dollar rose 14 cents to $119.32 and US$45,772,236 was sold versus US$37,287,671 on Thursday, the selling rate rose 9 cents to end at $119.83. The Canadian dollar buying rate climbed 52 cents to end at $89.15, with dealers buying C$1,678,847 and selling C$1,291,495, at an average rate that rose 6 cents to $90.58. The rate for buying the British Pound jumped $3.19 to $181.91 for the purchase of £2,019,573, while £579,503 was sold, at an average rate that climbed 71 cents to $182.58. At the end of trading, it took J$131.24 to purchase the Euro, a fall of $1.22 from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.66 for a gain of $1.11 from Thursday’s rate. The US dollar equivalent of other currencies traded, amounts to US$238,281 being bought, while US$111,375 was sold.
Highs & Lows| On Friday, the highest buying rate for the US dollar, was unchanged at $120, the lowest buying rate rose 8 cents to $98.36, the highest selling rate lost $1.66 to end at $124.28 and lowest selling rate dropped $2.23 to end at $98.37. The highest buying rate for the Canadian dollar climbed 50 cents to $92, the lowest buying rate rose 4 cents to end at $72, the highest selling rate fell $1.10 to end at $93.20 and the lowest selling rate climbed 50 cents to $86.50. The highest buying rate for the British Pound, climbed $1.40 to end at $184.60. The lowest buying rate fell 42 cents to $146.66 the highest selling rate slipped $1.87 to $187.73 and the lowest selling rate remained unchanged at $177.
Junior at new record close on Friday
The market ended with 2 stocks closing at a 52 weeks’ high while 3 securities ended with no bids to buy and 7 had no stocks being offered for sale. A total of 7 stocks closed with bids higher than the last traded prices and none closed with a lower offer.
In trading, AMG Packaging closed at $4.80 with 11,653 units changing hands, the company reported big increase in profits after trading closed, with earnings for the full year to August of 78 cents per share, up from 45 cents in 2014. Blue Power had 12,850 shares changing hands at $13, Caribbean Cream with 733,032 shares changing hands ended at $3.40, Caribbean Flavours gained 6 cents while trading 68,950 units at $4.06, Caribbean Producers traded 51,000 units for a loss of 9 cents to end at $3.01. Consolidated Bakeries traded 417,000 shares, to end at $2 with a gain of 10 cents, for a 52 weeks’ high. Derrimon Trading had 71,260 units trading at $2.80 at the close with a loss of 20 cents, Dolphin Cove recovered from the big loss on Wednesday, to end at $13, with a gain of $1.40 on Friday, as 130,300 units changed hands.
General Accident ended with 65,155 shares changing hands at $1.70 after falling 20 cents, Knutsford Express traded 778 shares at $6.50. Lasco Distributors with 924,890 shares changing hands and closed with a loss of 30 cents to $3.10. Lasco Financial closed with a 15 cents decline at $2.40 after trading earlier at $2.60. A total of 597,056 shares changed hands, Lasco Manufacturing traded 804,759 shares to end with an increase of 3 cents to $3.43, Medical Disposables ended with 331,133 units changing hands to end with a gain of 50 cents to a new all-time high of $3 and Derrimon Trading 11.75% preference share had just 3,000 units changing hands at $2.20.
2 new highs on TTSE
At the close the Composite Index ending with a gain of 0.98 points at 1,148.91 the All T&T Index advanced by 0.63 points to 1,951.60 and the Cross Listed Index rose 0.18 points to 45.42.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with the bid higher than the last selling price and 3 stocks with offers that were lower.
Gains| JMMB Group had 204,328 units trading higher by 4 cents to close at 47 cents, Trinidad Cement closed 9 cents higher at a 52 weeks’ high of $3.50 with 11,960 shares changing hands and Unilever Caribbean ended with 100 shares trading 11 cents up, for a new 52 weeks’ high of $67.40..
Declines| National Flour Mills with 450,250 shares changing hands for a value of $887,000, fell 4 cents in closing at $1.96 and Trinidad and Tobago NGL slipped 2 cents in trading to close at $22.96 with 4,425 units. The bid on the stock closed at $22.76 to buy 467 shares with 51,517 units on offer at $22.96.
Firm Trades| Angostura Holdings with 8,149 shares changing hands, closed at $14, Clico Investment Fund closed with 8,900 shares changing hands to end trading at $22.51, First Citizens Bank traded 3,029 shares and closed at $35, Flavorite Foods traded 100 units at $4.80, Grace Kennedy had 46,284 units changing hands at $3.60. Guardian Holdings closed with 1,530 shares changing hands at $12.80, National Enterprises with 295 shares changing hands, closed at $16.50, One Caribbean Media traded 4,705 units at $22, Praetorian Property Mutual Fund contributed 2,000 shares at $3.06, Republic Bank traded 142 shares valued at $ 1,112,832 and closed at $112. Sagicor Financial Corporation closed with 1,500 shares changing hands at $5.75 and Scotia Investments traded 50,552 shares and closed at $1.61.
Jam $ lost value vs all on Thursday
The local currency lost value against the US and Canadian dollars and the Pound sterling on Thursday. At the close of trading, the equivalent of US$28,233,428 was bought by dealers, compared with US$34,040,455 on Wednesday, while they sold the equivalent of US$39,641,899 versus US$41,709,262 on the previous trading day.
In US dollar trading , dealers bought US$25,490,364 compared to US$31,509,182 on Wednesday. The buying rate for the US dollar rose 12 cents to $119.18 and US$37,287,671 was sold versus US$40,398,527 on Wednesday, the selling rate rose 3 cents to end at $119.74. The Canadian dollar buying rate climbed $1.31 to end at $88.63, with dealers buying C$1,190,009 and selling C$846,313, at an average rate that rose 88 cents to $90.52. The rate for buying the British Pound fell $1.98 to $178.72 for the purchase of £1,183,506, while £564,981 was sold, at an average rate that climbed 15 cents to $181.87. At the end of trading, it took J$132.46 to purchase the Euro, a rise of 26 cents from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$129.77 for a gain of 8 cents from Wednesday’s rate. The US dollar equivalent of other currencies traded, amounts to US$83,263 being bought, while US$856,306 was sold.
Highs & Lows| On Thursday, the highest buying rate for the US dollar, rose 10 cents to $120, the lowest buying and the highest selling rates remained unchanged at $98.28 and $125.94 respectively and lowest selling rate rose $2.32 to end at $100.60. The highest buying rate for the Canadian dollar climbed 40 cents to $91.50, the lowest buying rate remained at $71.96, the highest selling rate fell 9 cents to end at $94.30 and the lowest selling rate climbed $2 to $86. The highest buying rate for the British Pound, slipped 15 cents to end at $183.20. The lowest buying rate fell 41 cents to $147.08, the highest selling rate gained $2.13 to $189.60 and the lowest selling rate rose $2 to end at $177.
National Gas dips again on TTSE
Activity on the Stock Exchange, ended with 10 securities trading with 3 stocks closing higher, 1 declined and 6 remained unchanged as a total of 149,046 units, valued at $$1,812,299 changed hands.
At the close the Composite Index ending with a gain of 0.06 points at 1,147.93, the All T&T Index advanced by 0.13 points to 1,950.97 and the Cross Listed Index remained at 45.24.
Gains| Clico Investment Fund closed 1 cent higher with 8,330 shares to end trading at $22.51, National Flour Mills with 8,078 shares trading, gained 4 cents in closing at $2 and Trinidad Cement closed 1 cent higher at a 52 weeks’ high of $3.41 with 445 shares changing hands.
Firm Trades| First Citizens Bank traded 7,811 shares and closed at $35, Guardian Holdings closed with 20 shares changing hands at $12.80, National Enterprises with 11,402 shares changing hands, closed at $16.50, Republic Bank traded 9,936 shares valued at $ 1,112,832 and closed at $112. Sagicor Financial Corporation closed with 50 shares changing hands at $5.75 and Scotiabank traded 21,041 shares for a value of $1,315,062 and closed at $62.50.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and 4 stocks with offers that were lower.