59% jump in Medical Disposables’ profit

Kurk Boothe - Medical Disposables Managing Director. the company stock fell a new low on Monday, in spite of healthy profit gains.

Kurk Boothe – Medical Disposables Managing Director. the company stock fell a new low on Monday, in spite of healthy profit gains.

Medical Disposables is enjoying buoyant business, resulting in an impressive 30 percent jump in sales for the December quarter and 27 percent for the nine months period.
For quarter revenues jumped to $308 million compared to $236 million for the quarter to December 2013 and in gross profit climbing 42 percent to $81 million for the December 2014 quarter. Gross profit for the nine months to December amounted to $216 million, an increase of 32 percent. Sales revenue for the nine months ended at $848 million, an increase of $183 million or 27 percent.
Expenses rose sharply for the quarter and the year to date. Sales and distribution rose 45 percent in the quarter and 20 percent for the nine months. Administrative expenses increase by a lower 29 percent for the quarter and a robust 49 percent for the nine months. Finance and o0ther cost moved up strongly for both the quarter and year to date to hit $14 million and $27 million respectively.
Med -12-14“The increase in expenses was driven mainly by staff related expenses, utilities, professional fees and information technology services. Staff related expenses, in particular, increased because of the strategic decision to realign the staff complement and compensation to sustain the current growth, development and expansion of the business” Kurt Boothe, General Manager stated in his report to shareholders.
Profit for the quarter came in at $18.6 million as it surged by 59.4 percent compared to $11.7 million generated in 2013. Profit after tax for the nine months hits $57 million, an increase of 60 percent. Earnings per share came in at 7 cents for the quarter and 22 cents for the nine months and should end up around 30 cents for the full year.
Medical Disposables is listed on the junior market of the Jamaica Stock Exchange and last traded at $1.80.

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