Pre-owned car dealer Jetcon Corporation, generated strong growth in revenues of 75 percent to end with $258.5 million in the first quarter ending March, this year compared to 55 percent growth in the same period in 2016.
The company results benefited from gains in gross margin during the quarter, from 18.5 percent to 20.7 percent and an increase of 138 percent in pretax profit, to $37.3 million versus $15.7 million in 2016. Earnings per share ended at 19 cents versus 7.5 cents last year, partially due to taxation in the first quarter in 2016 and increase in pretax profit.
The growth in revenues for the quarter is in line with the increase in the December 2016 quarter, and slightly lower than the September quarter of 86 percent increase, but well ahead of the June 2016 quarter of 39 percent, the company reported in its release of the first quarter results to the Jamaica Stock Exchange.
Cost of sales for the 2016 quarter, was adjusted upward while some items in administrative expenses were reclassified to direct cost, the net result is downwards revision to the profit, reported in our first quarter results released in 2016. There are also major changes to inventories and amounts in receivables relating to amounts paid for goods in Transit.
Inventory of motor vehicles and parts more than doubled since March 2016 and is up by $51 million since December 2016, to $292 million, a deliberate strategy to increase choice for customers and sales, Jetcon stated in their quarterly report. The company stated that sales for the period after the quarter, continue to be ahead of 2016 with an increase of 52 percent.
Jetcon traded on the Jamaica Stock Exchange at $13.25 and is up from $2.25 when it listed in March 2016.
John Jackson is a director and Chairman of Jetcon Corporation.
138% pretax gains for Jetcon
Only 2 Trinidad stocks slip on Wednesday
Market activity on the Trinidad & Tobago Stock Exchange on Wednesday resulted in 15 securities changing hands compared to 12 on Tuesday with Clico Investment and Massy Holdings controlling 70 percent of the trades.
At the close, 4 stocks advanced, 2 declined and 9 were unchanged as 435,216 shares traded at a value of $8,658,513 compared to Tuesday’s 325,975 shares valued at just $1,016,707.
The Composite Index slipped 0.60 points to 1,222.14, the All T&T Index declined 0.76 points to 1,799.53 and the Cross Listed Index eased 0.06 points to close at 86.46.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 5 stocks with bids higher than last selling prices and 5 with lower offers.
Gains| Guardian Holdings gained 1 cent to close at $15.60 with an exchange of 10,887 shares, National Enterprises gained 4 cents, closing at $10.55, with 3,807 shares changing hands, Sagicor Financial closed at $9.04, with gains of 2 cents trading 14,880 shares and Praetorian Property Mutual Fund closed at a 52 weeks’ high of $3.03, gaining 3 cents exchanging 6,233 units.
Losses| First Citizens closed at $31.90, losing 10 cents with trades of 10,240 shares valued at $326,663 and Trinidad & Tobago NGL traded 24 cents lower to close at $22.25 exchanging 26,500 shares valued at $590,937.
Firm Trades| Ansa McAL traded 10,135 shares at $66.50 valued at $673,978, Clico Investment remained at $22.51 trading 186,843 shares valued at $4,205,891,Massy Holdings exchanged 36,090 shares valued at $1,858,274 at $51.49. National Flour Mills closed at $2.48, with an exchange of 795 units, NCB Financial Group closed trading at $4, with 105,653 shares changing hands, valued at $421,612, Prestige Holdings traded 11,401 shares at $11. Readymix closed at $11, with trades of 690 shares, Republic Financial Holdings exchanged 187 shares at $101.91 and Trinidad Cement closed at $4.20 exchanging 8,175 shares trading.
JSE trading in record territory
The main market of the Jamaica Stock Exchange is trading at record levels in the morning session on Wednesday.
The All Jamaica Index crossed over the 260,000 points mark, to hit 260,625.67 points at 11.30 am after adding 3,317.30 points. The Main Market Index is up 3,022.44 to 237,459.51 while the Combined Index jumped 2,631.98 points to 253,640.67. The US Equities Index slipped 6.38 to 212.61 and the Junior Market Index lost 15.43 to trade at 3,252.90.
Stocks with noticeable moves, are Berger Paints that traded at a all-time high of $20, Caribbean Cement traded at $32,a big recovery from yesterday’s low. The rise comes against the back ground of some shareholders slated to meet with management later today, in an attempt to clarify a number of issues relating to the company’s finances. NCBFinancial Group traded at $71.99 and Salada Foods jumped from $6.50 to $8 after the company released results for the half year, showing strong rise in profit.
In the Junior Market, Caribbean Producers rose to $4.50 in response to improved nine months’ results while Jamaican Teas rose to a new high of $5.10, in trading 134,800 shares and Main Event jumped to a new high of $8.
Progress for 138 Student Living
Student living housing provider, 138 Student Living reported progress in their half year results to March, with net profits of $27M, which represented an over 200 percent improvement compared to the previous year.
For the quarter to March, 138 reports profit of $15.8 million compared to a loss of $9.6 million for the same period in 2016.
Revenues rose to $147 million for the quarter up from $77 million in 2016 and $262 million for the six months versus $124 in 2016.
“Although our net results showed a significant improvement over the corresponding period last year, we have to take note of the fact that an additional 576 rooms (864 beds) were brought into operations on a phased basis during the year which accounted for the increased Revenue. However, as a result of being less than 100% occupied in the additional four blocks, our net profit was less than optimum,” John Lee Chairman of the company reported.
Lee went on to state,“ with the introduction of the four additional blocks, we, as expected, experienced an increase in operational expenses such as staffing and utilities in addition to financing costs.’
Earnings per share came out at 4 cents for the quarter and 6 cents for the half year.
6 stocks fall on TTSE 3 rise
Trading on the Trinidad & Tobago Stock Exchange on Tuesday resulted in 12 securities changing hands, the same as on Monday.
The market closed with 3 stocks advancing, 6 declining and 3 unchanged as 325,975 shares traded at a value of $1,016,707 compared to Monday’s 101,230 shares valued at $1,806,077.
The Composite Index added 0.33 points to 1,222.74, the All T&T Index lost 0.16 points to 1,800.29 and the Cross Listed Index gained 0.11 points to close at 86.52.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 4 stocks with bids higher than last selling prices and 3 with lower offers.
Gains| Clico Investment closed at $22.51, with a 1 cent gain trading 2,880 shares, JMMB Group gained 4 cents to close at $1.25, with 254,917 shares changing hands valued at $318,426 and Point Lisas closed at a 52 weeks’ high of $3.87, with gains of 11 cents with 300 shares trading.
Losses| Guardian Holdings lost 1 cent to close at $15.59, with trades of 4,066 shares, NCB Financial Group was down 1 cent, closing at $4 with an exchange of 20,052 shares, One Caribbean Media closed 4 cents lower to $16.80 trading 180 shares. Prestige Holdings closed at $11, losing 1 cent with an exchange of 536 shares, Republic Financial Holdings closed at $101.91, after falling 9 cents with an exchange of 1,600 shares and Trinidad & Tobago NGL closed at $22.49, with a loss of 1 cent in exchanging 207 shares.
Firm Trades| Massy Holdings held firm at $51.49 trading 4,075 shares, Scotia Investments traded 37,152 shares at $2.75 and Trinidad Cement closed at $4.20 with of 10 shares.
BOJ sells US$80m up to J$129.91
Bank of Jamaica has USD80 million through its new Foreign Exchange auction system between May 4th to 9th to Authorised and Cambios Dealers.
The central Bank sates that after inviting bids for USD on Tuesday, the Bank through its Trading Room sold US$30 million to Authorised Dealers and Cambios at a rate of J$129.91 to US$1. On Thursday, May 4th and Friday, May 5th, the Bank sold US$50 million to Authorised Dealers and Cambios via its trading room. On May 4, US$30 million was sold at $129.85 and on the 5th US$20 million was sold at the same rate.
JSE majors slipped slightly on Monday
Trading in the main market of the Jamaica Stock Exchange closed on Monday with 26 securities changing hands with 1 trading in the US dollar market. At the close, 10 stocks advanced and 8 declined with the main market ending in 2,884,030 units valued at $64,356,186 trading compared to 4,838,789 units valued at $105,278,278 at the close on Wednesday.
Trading in the US dollar market accounted for only 1,502 units valued at US$450. The All Jamaica Composite Index declined 144.74 points to close at 257,591.70, the JSE Market Index fell 131.87 points to finish at 234,695.22 and the JSE US dollar market index closed unchanged at 218.99 points.
IC bid-offer Indicator| At the end of trading in the main and US dollar markets, the Investor’s Choice bid-offer indicator reading shows 9 stocks with bids higher than their last selling prices and 1 with a lower offer.
The main market ended trading with an average of 110,924 units valued at $2,475,238 per security traded, compared to an average of 256,060 units valued at $2,718,995 on Friday. The average volume for the month to date ended at 188,647 units with an average value of $3,859,708 versus 204,192 units with an average value of $4,136,602 on the prior trading day. The average volume and value for April ended at 382,748 units with an average value of $5,254,387.
In market activity, Berger Paints lost 5 cents to close at $16.85, in trading of 17,380 shares, Cable and Wireless closed at $1.34, with 353,181 shares changing hands, Caribbean Cement traded $1 higher to close at $29 with an exchange of 13,220 units, Carreras closed at $77 exchanging 57,323 shares, Grace Kennedy closed at $42.50, after gaining 25 cents and trading 800,378 units. Jamaica Broilers closed at $17.50, with gains of 50 cents trading 64,249 shares, Jamaica Producers closed $1 lower to $17.60 exchanging 223,675 shares and Jamaica Stock Exchange closed at $7.75, with a loss of 25 cents, trading 12,138 shares, JMMB Group closed at $21.25, losing 25 cents with trades of 11,790 units, Kingston Wharves traded 90 cents lower to close at $30, with 11,511 shares changing hands. Mayberry Investments gained 5 cents to close at $4.55 with an exchange of 78,234 shares, NCB Financial Group closed at $71, after exchanging 143,410 shares, 1834 Investments gained 6 cents to close at $1.50, trading 4,300 shares, 138 Student Living traded 100 units at $4.50, PanJam Investment closed 19 cents higher to $35.20, in exchanging 7,317 shares, Portland JSX Fund closed at $10.60 trading 800 units. Pulse Investments closed trading at $9.10 in gaining $1.05 with 113,536 shares swapping owners, Radio Jamaica gained 2 cents and closed at $1.67, with 43,300 shares, Sagicor Group closed at $33.50, to record a gain of 45 cents in trading 29,153 shares, Sagicor Real Estate Fund gained 5 cents to close at $10.35 while exchanging 8,200 units, coffee processors, Salada Foods traded 2,700 units at $8, Scotia Group closed 50 cents lower at $43, with 29,579 units changing hands, Seprod shed $3.50 to close at $36, trading 15,860 shares Sterling Investments lost 1 cent to close at $17 with an exchange of 500 units, Supreme Ventures closed at $6.38, with trades of 678,489 shares and Proven Investments exchanged 1,502 ordinary shares at 30 US cents.
2 stocks rise 3 fall on TTSE – Monday
Price movements at the close of trading on the Trinidad & Tobago Stock Exchange on Monday remained moderate, as 12 securities changed hands, compared to 16 on Friday. The results was for small changes in the market indices.
The market closed with 2 stocks advancing, 3 declining and 7 unchanged as 101,230 shares traded at a value of $1,806,077 in contrast to Friday’s 871,460 shares valued at $6,273,683.
The Composite Index added 0.15 points to 1,222.41, the All T&T Index lost 0.27 points to 1,800.45 and the Cross Listed Index gained 0.08 points to close at 86.41.
IC bid-offer Indicator| The Investor’s Choice bid-offer ended with 6 stocks with bids higher than last selling prices and 3 with lower offers.
Gains| NCB Financial Group closed at a 52 weeks’ high of $4.01, with a 1 cent gain, while exchanging 10,000 shares and Scotiabank gained 6 cents to close at $58.06 trading 550 shares.
Losses| Grace Kennedy closed at $2.77, after falling 8 cents with an exchange of 5,550 shares, Sagicor Financial lost 8 cents to close at $9.02 exchanging 1,000 shares and West Indian Tobacco closed 10 cents lower to $126.40 with trades of 1,113 shares.
Firm Trades| Clico Investment traded 7,580 units at $22.50, First Citizens exchanged 186 units at $32, Guardian Holdings closed at $15.60 trading 23,481 units valued at $366,304 and Massy Holdings was unchanged at $51.49, with 291 shares changing hands. Republic Financial Holdings closed at $101.91 trading 6,024 units valued at $613,996, Trinidad Cement closed at $4.20 with trades of 34,212 shares and Trinidad & Tobago NGL exchanged 11,243 shares at $22.50.