Carreras profit up but report wrong

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.