The balance of $870 million due from the tax department for taxes over paid by its subsidiary, Cigarette Company of Jamaica was recovered in full by the company, Carreras reported in a release of the June quarterly results.
This means that the large special capital distributions that the company has been paying for a few years will soon come to an end. The company declared a total dividend of $1.80 per share payable September 3.
Carreras also reported a 6 percent improvement in profit flowing from a 1 percent increase in sales revenue of $2.6 2 billion, up from $2.59 billion in the 2014 first quarter, with profit ending at $622 million, in 2014 profit of $589 million was generated. Gross profit was slightly up on 2014 with $1.286 billion realized in the June 2015 quarter and $1.257 billion in 2014.
The company suffered from decline in volume sales in the quarter due to the price increase effected earlier in the year, which saw a shift in sales taking place in the March quarter as dealers sought to take advantage of the price change. Administrative cost fell from $372 million to $356 million while distribution and marketing expenses declined from $185 million to $164.
Earnings per share came in at $1.28 and should be in the $6 range for the full year.
Carreras recovers all taxes
Trackbacks
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[…] Carreras recorded moderate growth of 6 percent in the December quarter last year with profit after tax of $851 million from $800 million in the similar period in 2014, but the report issued by the company on the Stock Exchange has the September 2014 quarterly as the comparative December figures. For the nine months to December, profits rose 16 percent to $2.27 billion from $1.97 billion. Revenues grew for the nine months by 8 percent to $9.3 billion, up from $8.67 billion, while revenues grew 7 percent for the quarter from $3.3 billion to $3.55 billion. Apart from the improvement in revenues which helped to improve profits, administrative cost were lower in the quarter, falling to $332 million from $512 million and for the nine months to $1 billion from $1.08 billion while Distribution and marketing cost rose moderately in the nine months to $512 million but the quarterly figure jumped from only $76 million to $245 million in 2015. Cash funds stood at $3 billion but $1.1 billion is due to be paid for corporation taxes but shareholders’ capital $1.98 billion which is down from $3.1 billion at March 2015. Earnings per share came in at $4.68 for the nine months and $1.86 for the quarter with full year’s earnings heading for $6.70 per share net asset value turns out at $4.05. The stock last traded at $66 on the Jamaica Stock Exchange on Friday for a PE of 10. The company will be paying an interim dividend of $1.80 per share to shareholders on March 17 and brings the total dividend in the last twelve months to $8.94. […]