AMG profit up 35%

amg-packaging280x150AMG Packaging, managed a 35 percent growth in profits of $31.7 million for the six months to February this year, the company’s latest financial report shows, thanks to a 194 percent jump in second quarter profit that reached $16 million up from only $5.5 million in 2014.
IC Insider’s forecast, is for profit of $85 million or 85 cents per share for this year and $1.50 for 2016. While profit surged, revenues rose a modest 8 percent in the February quarter and only 4 percent for the six months with sales volume having declined by 9 percent for the half year. The volume decline comes against the background of a 24 percent increase in units sold for the period to February 2014, resulting in a 42 percent jump in revenues. Helping to boost profit, was an improvement in the gross profit margin for the latest quarter to 24 percent versus only 16 percent in 2014 and 23 percent for the six months, compared to 19 percent in 2014.
Gross profit for the quarter amounting to $35.5 million, increased by a very strong 63 percent from 2014 and 27 percent for the six months, to near $70 million. Flat inventory cost and a reduction in other direct cost laid the foundation for the improvement in direct input cost and a swelling of the profit margins. Administrative cost rose 30 percent for the quarter and 29 percent for the year to date period well ahead of revenue growth, thus negating some of the top line improvement.
AMG cht 2-15Cost got hit, with the Jamaican dollar losing value, resulting in 28 percent more Jamaican dollars having to be found to purchase one US dollar, since September 2012. The price of paper on the world market, increased by 22 percent, from US$720 per tonne at September 2012, to US$830 in August 2013 and to US$875, which it has been since June last year.
Receivables are down by $13 million from the amount of $81 million at the end of August last year and so too is amounts in payables by $10 million from $71 million. Cash funds fell slightly to $19 million from $22 million while inventory is up from to $118 million at August to $120 million, which is nearly 4 months supplies based on sales in the quarter and is up from just two and a half months back in 2013 and seems to be a hedge against devaluation of the Jamaican dollar. Borrowings fell from $97 million at February 2014 to $58 million with $14 million to be repaid during the next twelve months, the decline will help reduce cost with lower interest payments going forward.

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  1. […] 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 […]

  2. […] AMG Packaging (AMG) a junior market listed company advised the Jamaica Stock Exchange of their decision to expand into the manufacturing of toilet paper and hand towel. AMG will be manufacturing these additional products, at a facility leased on Orange Street, downtown Kingston and anticipates starting production by the end of October 2015. The company says it “ is confident that this new venture will aid in decreasing the importation of products, provide meaningful employment opportunities subsequently assisting the growth of the Jamaican economy.” AMG Packaging ventures into the new ventures at a time when it appears that real growth in it’s existing business has slowed considerable in the past year, the new business is likely to boost sales volume and ride on some of the existing overhead costs of the current Packaging operations. AMG Packaging, currently, involved in the manufacturing of boxes, for packaging, reported a 42 percent jump in the nine months’ profits to May 2015 of $52 million, compared to $37 million in 2014. Profits grew 58 percent for the latest quarter to $21 million over that of 2014. Sales revenue rose just 4.5 percent for the nine months to May, this year, to reach $462 million and is up by 6 percent for the last quarter, hitting $161 million. The increased revenues in the May quarter and nine months to May this year, is well down on the strong 36 percent rise in the May 2014 quarter of $152 million and 40 percent in the nine months to May, to reach $442 million. Toilet tissue and hand towels are products that are sensitive in nature including pricing, is likely to have a wider market than the existing products of the company. […]

  3. […] to buy and 6 that had no stocks being offered for sale. Stocks trading in the junior market are, AMG Packaging ending with 7,852 shares changing hands to close at $3.16. Blue Power closed with 1,141 shares […]

  4. […] of more stocks rising on Thursday that declining. Stocks trading in the junior market are, AMG Packaging ending with 6,000 shares changing hands to close unchanged at $3.17, Blue Power closed with 2,000 […]

  5. […] 9 securities that had no stocks being offered for sale. Stocks trading in the junior market are, AMG Packaging ending with 5,000 shares changing hands, to close 2 cents lower at $3.17. Caribbean Cream closing […]

  6. […] 7 securities that had no stocks being offered for sale. Stocks trading in the junior market are, AMG Packaging, ending with 5,500 shares changing hands, to close 1 cent lower at $3.19, Caribbean Cream trading […]

  7. […] sale. Stocks trading in the junior market are, Access Financial trading 500 shares to close at $17, AMG Packaging ending with 800 shares changing hands to close higher by 1 cent at $3.20, Blue Power closed with […]

  8. […] trading at a new 52 weeks high of $17, but with just 200 units changing hands to gain $1.90, AMG Packaging ended with 2,115 shares changing hands, to close 5 cents lower, at $3.25. Blue Power traded 979 […]

  9. […] for sale. Stocks trading in the junior market are, Access Financial trading 39,172 units at $15.10, AMG Packaging ending with 7,830 shares changing hands to close at $3.30, Cargo Handlers finished with 500 units to […]

  10. […] 7 securities that had no stocks being offered for sale. Stocks trading in the junior market are, AMG Packaging ending with 15,100 shares changing hands at $3.30, Caribbean Cream trading 1,020,000 shares at 96 […]

  11. […] 6 securities that had no stocks being offered for sale. Stocks trading in the junior market are, AMG Packaging ending with 30747 shares changing hands, 5 cents higher at $3.30, Cargo Handlers finished with 1,500 […]

  12. […] 5 securities that had no stocks being offered for sale. Stocks trading in the junior market are, AMG Packaging ending with 137,533 shares changing hands to close higher by 25 cents at $3.25, Blue Power closed […]

  13. […] and 9 securities that had no stocks being offered for sale.Stocks trading in the junior market are, AMG Packaging with 37,855 shares at $3, Cargo Handlers with 3,700 units at a new all time high of $20.11, after […]

  14. […] 10 securities that had no stocks being offered for sale. Stocks trading in the junior market are, AMG Packaging had 10,000 shares trading at $2.26, Blue Power closed at $7.51 with 3,400 shares changing hands, […]

  15. […] stocks being offered for sale. Some buyers have backed off their bids with the interested party in AMG Packaging dropping the bid that was at $2.50 up to Thursday. The bid is now back at $2.26 the last price the […]

  16. […] securities that had no stocks being offered for sale. Noted amongst the stocks with higher bids are AMG Packaging with a bid of $2.50 against the last selling price of $2.26. The company reported 35 percent […]

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