Cargo Handlers profit for the year to September was barely higher than for that of 2014 at $136 million versus $132 million but the company had some one-off expenses amounting to $16 million. Revenues climbed to $252 million from $236 million in 2014.
The final quarter of the year saw lower revenues of $67 million, down from $79 million in the September 2014 quarter while profit fell 40 percent to $29 million from $48 million in 2014. Cargo Handlers recorded earnings per share of $3.63 versus $3.52 in 2014.
Going forward, the tax free holiday the company enjoyed from December 2010, ends in November this year and moves to 12.5 percent for the next 5 years. This will dent profits a bit, added to that, the company made $6 million in foreign exchange gains in 2015, that looks uncertain going forward with the adjustment in the value of the Jamaican dollar that now seems appropriately valued, but for likely moderate movements in 2016.
Unless there is a dramatic change in revenues, profit after tax for 2016 should grow marginally to around $145 million or $3.87 per share.
The company ended the year with $151 million in cash included in current assets of $203 million and only $15 million in current liabilities. Equity is $245 million with virtually no interest bearing debt. The stock which is listed on the junior market of the Jamaica Stock Exchange last traded at $37.50. Two dividends amounting to $2.35 per share were paid during the year.
Cargo Handlers growth slows
December 30, 2015 by
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