Scotia Investments disappoints.

ScotiaInvestmentsBuilding280x150Scotia Investments today reported another quarter of disappointing results, with profit after tax of $453 million for the half year to April, this year, representing a decrease of $371 million, when compared with the net income of $824 million for the period ended April last year.
For the quarter, profit after tax amounted to $316 million down from $468 million last year. The reduction in profit is partly attributable to the adoption of IFRIC 21, Levies, which requires a change in the accounting treatment for Asset Tax, as well as the increase in the asset tax rates imposed by the Government of Jamaica in May 2014, to be booked in full when due.
Total revenues for the six months of net interest and other income, was $1.67 billion, a reduction of $389 million or 19 percent below the corresponding period last year; and $856 million for the quarter was 5 percent or $41 million higher than for the comparative quarter in 2014.
Net interest income|Net interest income after impairment losses for the half year, was $929 million, a reduction of $284 million or 23 percent versus the corresponding period last year; and $459 million for the quarter, down $118 million or 20 percent below the April 2014 quarter.
Other revenues, which includes fee income, securities trading gains and net foreign exchange trading income, was $742 million for the period, $104 million or 12 percent below the corresponding period last year; and $397 million for the quarter, down $98 million from the April 2014 quarter.
Operating expenses for the quarter were $411 million, up from the $389 million over the 2014 quarter, due partially to a reduction in the Asset Tax. For the half year the operating expenses for the six months were $973 million, up from the $878 million over the 2014 period, due in part to the imposition and treatment of the Asset Tax which had to be booked in full up front. The asset tax in 2014 amounted to $86 million versus $148 million in 2015.
With the rebound in the local stock market, the company will enjoy increased trading fees from handling stock market trades as well as from unit trust activities, but they had a fall-off in gains on financial assets and foreign exchange gains during the quarter compared with 2014, this reduced the income by $164 million and $199 million for the half year.
Earnings per share ended at 75 cents for the quarter and $1.07 for the six months and should end up around $3 for the full year, which would be well down on last year’s results. The stock is listed on the Jamaica Stock Exchange and traded at $26.28 on Thursday.
The investment bank approved a second interim dividend of 45 cents per stock unit payable on July 16, 2015, to stockholders on record at June 23, 2015.

Witco ekes out small profit gain

WITCO_Tobacco280x150Trinidad’s West Indian Tobacco recorded an increase of 6.9 percent in profit before taxation of TT$136.8 million, for the three months ended March 2015, over the corresponding period in 2014.
Profit after taxation for the period came in at $98.2 million, reflecting an increase of just 1.5% over 2014. The Company paid $3.3 million under a tax amnesty, in respect of an ongoing matter taxation relating to the company being slapped with additional taxes imposed by the ta authority after an audit.
The improvement in profit arose from an increase in revenues to TT$223.5 million, a slight increase over the $215 million reported in the first quarter of 2014 net of excise duty. The company increased the prices on its products late in 2014, the increase revenues suggest that there has been some fall out in sale volumes as a result, but the company benefited from reduced cost other than cost of sales amounting to $$3.5 million. Earnings per share came out at $1.17, based on the results the Board approved the payment of a first interim dividend of $1 per ordinary share, paid in May 2015.
Based on last year’s results, the first quarter is the one with the lowest profit and the last quarter with the Christmas celebration is the best, the company should therefore go on to better the $5.81 earned last year, to end around $6.50 per share.
The stock closed on the Trinidad and Tobago Stock Exchange at $125.31 on Friday at PE ratio around 19 times this year’s estimated earnings.

Caribbean Cream profit upgrade

Kremi GapnCaribbean Creams profit upgraded to show a 62 percent increase to $56.8 million or 15 cents per share above the 2014 earnings, according the audited financial statements compiled by KPMG, the company’s new auditors.
The comparative 2014 results were $35 million after a small tax expense. The interim report had profit for the year at $49 million on slightly higher sales than the audit report showed. The major area of change was lower administrative cost of $12 million in the audited accounts versus the preliminary figures. Caribbean Cream enjoyed an increase of 305 percent in profit in the final quarter to reach $25.7 million up from $6.4 million in 2014 quarter, according to the data in the audited accounts and third quarter interim results.
IC Insider is forecasting profit of 244 million for the 2016 fiscal year or 65 cents per share from increased sales revenues that will flow mainly from a 15 percent price increase effected just before the Christmas season.
The stock which was listed on the junior market of the Jamaica Stock Exchange in 2013 at an IPO price of $1, traded at $1.10 on Thursday and has moved up from 65 cents just before the release of the interim results.

Purity profit jumps 204%

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Purity_ConsolidatedBakeriesA 204 percent increase in profit for Consolidated Bakeries better known as Purity, in the March quarter saw net profit ending at $13.9 million (2014 $4.58 million) from a 15 percent increase in revenues of $226.28 million.
Gross profit margin increased to 34.2 percent from 30.6 percent in 2014 and contributed much to the increased profit. Lower electricity cost would have made a big contribution to the improvement in this area. Administrative and other expenses rose less than revenues at 6.7 percent and selling and distribution expenses rose by 12.1 percent just below the growth in revenues.
The company earned 6 cents per share well up on that for 2014 and compares with the 8.4 cents reported for the twelve months of 2014, IC Insider is forecasting 20 cents for the full year. With the stock price at $1.15 on the junior market, it boasts a PE of 5.7 and has a net asset value of $2.42.
Consolidated Bakeries that produces and markets baked products such as breads, buns, crackers and cookies has equity of $540 million, loans of $64 million and cash funds of $110 million.

Teas could have a good year

Jamaican Teas DoorJamaican Teas enjoyed good exports sales for the second quarter to March continuing the appreciable growth in the first quarter. Exports moved by 26.6 percent from $64 million to $81 million for the latest quarter and year-to-date $118 million moving to $184 million for an increase of 56 percent.
The strength in exports contributed to the overall increase in sales which moved from $259.2 million to $292.5 million, an increase of 12.8% in the quarter, helping to push profit to $20 million in the March quarter, a 19.8% increase from the comparable period in the prior year. Profit for the six months to March was $43 million, an increase of 16.2% compared to the related period in 2014.
Earnings per share is up to 26 cents for the six months and 12 cents for the quarter, with the expected completion of sale of units in the development property earnings could end up around 80 cents per share for the fiscal year, this could change depending on whether the company disposes of some of the equities it is holding. Sales for the six months to March 2015, are up 14.4 percent to $611 million from $534 million in the prior year.
Exports were helped considerably by the coming on board of a new distributor in the eastern cost of the United States which will see the company products being sold in Wall Mart stores during 2015. Exports were also helped by restoration of sales in the Florida area that was disrupted in the previous financial year from modification in distributorship in that area. Local sales in the manufacturing operations are ahead of the prior year but are not a buoyant as could be expected.

The Orchid property being developed that should add to Jamaican Teas' profits in 2015 & 2016.

The Orchid property being developed that should add to Jamaican Teas’ profits in 2015 & 2016.

The first phase of the real estate development comprising 29 houses has been completed with 5 houses remaining to be sold. Delivery of houses to buyers will commence shortly and should be completed by the end of the fiscal year.
The company’s investment portfolio showed encouraging increase in value, with gains of $12 million during the quarter and $14 million year to March, subsequently it has increased further with the growth in the local stock market.
Jamaican Teas borrowings are at $397 million at March, $310 million is long term, the group equity of $691 million, investments at March amounting to $126 million with cash funds of $27 million. On completion of sales of units in the development property there will be a sharp reduction in loans outstanding and or a build-up in cash.
Jamaican Teas is involved primarily in the production of ingredients for hot beverages, but also sells water and other ready to prepare food products as well as operators supermarkets and in the real estate development. The company is listed on the Jamaica Stock Exchange junior market and last traded at $3.

Barita reports big profit jump

Barita280X150Brokerage house Barita Investments released half-year results showing profit of $130 million or 29 cents per share versus $105 million in 2014, the improvement came in the second quarter with profit of $84 million, or 19 cents per share, up from $48 million, fuelled by a big jump in investment gains, mostly from disposal of government of Jamaica securities.
Net interest income fell in the quarter as interest cost declined more slowly than the fall in income. For the quarter revenues climbed to 398 million from only $333 million in 2014 while operating expenses rose from $115 million to $128 million or 11 percent. Interest cost fell from $171 million to $151 million but interest income fell faster from $260 million down to $204 million, for a fall of $55 million thus squeezing net interest income from $88 million to $53 million.

Karl Lewin at the launch of Barita's newest unit trust funds

Karl Lewin at the launch of Barita’s newest unit trust funds

Gross Interest Income of $434 million for the half year to March was 17 percent below the prior year’ six months, while interest expense for the period was $319 million, 5 percent less than the previous year. The declining spread is partly due what the company stated as, “50 percent of bonds held being variable rate instruments and declined faster than on the liability side that are mostly fixed.”
Revenues from our non-interest income for the six months were above prior year with $309 million compared to $141 million with fees and commission income being 88 percent above prior year at $79 million with significant improvements coming from the revenues of the Barita Unit Trusts Management Company. Additionally, trading gains improved by 813 percent at $179 million compared to $21 million in the prior year, due to gains from sales of government of Jamaica bonds that enjoyed gains as Jamaican bonds started to attract renewed interest. Depreciation of the Jamaican Dollar and trading gains amounted to $42 million year to date down from $72 million in 2014.
“Operational costs for the 6 months period to March increased by 14 percent when compared to the same period last year. Over the same period, staff costs increased by 12 percent, triggered primarily by additional human resources and remuneration adjustments,” the company reported.
Administrative costs were 16 percent higher for the same period last year; the main contributors being our financial support of the Education Foundation and client support expenses.
Looking forward, earnings look set to reach at least 50 cents per share for the year and could be more, depending on the continued buoyancy in the stock market that should help lift commission income from trading for clients, increased stock market prices will increase the asset base of the equity lined unity trusts and generate more fee income. The revaluation in the Jamaican dollar in to March has been reversed thus restoring gains in this area. The decline experienced in interest rate spread may slow but that is unclear at this stage with rates on BOJ Certificate of deposits having fallen and Treasury bill rates continuing to decline.
The quarter ended with equity of $1.86 billion and total assets of $13.37 billion. The stock which is listed on the Jamaica Stock Exchange and last traded at $2.50 up from $1.95 prior to the release of the results.

Derrimon profit jumps 83%

DerrimonLogo280x150Derrimon Trading profit climbs 83 percent in the March quarter to $20.5 million although sales declined by 4.8 percent in in to $1.296 billion. Despite the sale decline, gross profit increased 17 percent from $142 billion to $166 billion.Other income declined from $12.6 million down to $5.5 million and distribution expenses fell $2.5 million to $21.7 million but administrative expense were up nearly $5 million to $119 million, interest cost rose from $14.9 million to $18.88 million. The company’s shares of associated company – Caribbean Flavours and Fragrances results contributed $8.36 million to the net results. There was no ownership of the associate in the similar period in 2014.
Decline in sales is not what investors want to see from a company, even when profit rise, looking forward increasing sales is what is going to drive profits and stock prices.
During the quarter under review, the directors approved the acquisition of the assets of Northern Cash and Carry as part of the strategy to expand the Sampars footprint at strategic locations island wide.
The financial structure remains a bother and places the company at a high level of risk with debt of $657 million including preference shares of $250 million and equity of only $380 million. Of the total loans, $335 million are short term and due within a year. There is also cash funds of $81 million but with the new acquisition approved, some of the cash is likely to be used to fund the purchase. With the short term loan due within a year, the company will have to restructure the loans as it is not producing the type of cash flow that would facilitate repayment from internally generated funds. In short, the company needs more equity capital or it ought to have a hybrid of debt, with an option to convert to equity at some point in time in the future.
Earnings per shares ended at 8 cents for the quarter and should end at around 32 cents for the year. The stock traded last on the Jamaica stock market at $2.15 putting the PE at 6.7 times earnings, not leaving much room for growth in the current market environment and valuation of junior market companies at present.

T&T Stock Exchange fowls up FCB report

First_Citizensbuilding150x150
We carried the following report on the poor level of reporting of First Citizen Bank (FCB) of Trinidad and Tobago when we castigated management their poor reporting to their shareholders, with the release of the March quarterly results and wondered why the Trinidad and Tobago Stock Exchange accepts such substandard reporting.
We stated that afterall, information is what creates good markets. When various parties in markets get relevant information at once, then they have a far better idea where to price a security.
First Citizens contacted IC Insider and informed us that they did in fact submit the correct information to the Trinidad and Tobago Stock Exchange, unfortunately, the exchange copied the unconsolidated report and posted it on their website. The report gave wrong information on the banks operation but it remained posted until our article came to the attention to the bank and the Financial Securities Commission in that country the bank advised us. The bank indicated that the large increase in other income reported below represents a divided paid by a subsidiary to the group company.
Stock exchange staff must understand that they are handling price sensitive information that can result in huge gains or losses for some, accordingly, special care need to be taken, to ensure that information they release to the public reflect accurately what has happened. The TTSE did not take care in positing the report and to think that the error remained there for days is alarming.
First Citizens actual Q2 results. The bank in fact made profit of $148 million for the quarter, slightly higher than the $146 million made in 2014 and $326 million in the six months, an increase of $5 million, from revenues of $290 million for the quarter and $578 million for the half year, in net interest income, with other income coming in at $150 million for the quarter and $294 million for the six months. Earnings per share is $1.30 for the six months, just ahead of the $1.28 in 2014. The most encouraging feature for the bank is the continued growth in loans which moved from $11.57 billion to $12.9 billion. Lending is the area that increased profits are to come from if there is growth of good quality loans. Shareholders’ equity stands at $6.4 billion at March and customers’ deposits at $26.7 billion. With lending translating hovering around half of the deposits, the bank will be unable to optimize the profits as the spread between loans and deposits are usually higher than on money market instruments.
The following is the rest of the report which was carried. It is puzzling that FCB latest interim report states that it is prepared in accordance with IAS 34 interim financial reporting but on examination it shows that it has not fully comply and it falls down badly in two critical areas.
Here is and extract of IAS 34 says – “If the financial statements are condensed, they should include, at a minimum, each of the headings and sub-totals included in the most recent annual financial statements and the explanatory notes required by IAS 34. Additional line-items or notes should be included if their omission would make the interim financial information misleading.”
“The explanatory notes required are designed to provide an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the entity since the last annual reporting date. Examples of other disclosures required [IAS 34.16A] changes in accounting policies explanation of any seasonality or cyclicality of interim operations unusual items affecting assets, liabilities, equity, net income or cash flows.”
First_Citizensbull280x150
Earnings per share is one such line item for listed companies in their audited financial statements, accordingly, any compliance with the standard would see earnings per share calculation shown in the interim report. Certainly the big bump up in income is of an unusual nature that requires some explanation. Regardless of the accounting standards prudent management would certainly want their shareholders to understand what is happening in their company.
First Citizens Bank posted a big jump in earnings for the March quarter of this year, but there is not even one line giving an indication as to what resulted in the huge jump. Is it one off, is it sustainable nobody seems to know or worse nobody seems to care, not the company not the stock exchange, not the Financial Services Commission? Just nothing for investors to digest. The income statement shows a line item for net interest income of $211 million for the quarter but an item 3 times that size is listed as other income. What insensitivity? As John McEnroe once screamed at a tennis referee, you can’t be serious. As a result of this big jump in other income, more than twice the $298 million they raked in in the same period in 2014, and more than they hauled in in all of the 2014 fiscal year of $537 million the amount is just $5 million more than the net income for the quarter after tax of $630 million. In 2014 for the similar quart profit was $292 million.
TTSEDailyTRading280x150For the six months the bank is reporting profit of $728 million up from $378 million but one would be led to believe the numbers are suspect for thy seem too good to be true and begs the question as to their sustainability, bearing in mind the flat first quarter numbers. It is only in looking at the segment results that one can glean a bit of where the increased profits are coming form that does not show what caused the big income gain. The company’s net income for banking was virtually flat compared to 2014 for the six months but treasury and investment banking saw a big leap in net income to $661 million from $289 million, the source of the increased profit.
The problems don’t stop there. Investors in the stock market need to know the earnings per share even more than the absolute profit in order to easily value the shares, a search throughout the document reveal no such item but the situation get even worse than that the company has not even paid investors the courtesy of including in the document, the total issued shares so they can compute it easily.
Exchange web site, the bank has 251,353,562 shares issued, putting the earnings for the six months at $2.50.
Citizens had had several missteps since going public. First they miscalculated the closing date incorrectly, as it fell on a public holiday and it was put back which was not needed as it was heavily oversubscribed and could have closed ahead of time, secondly the date for listing was pushed back thus tying up investors’ money longer than was stipulated in the prospectus. The company also suffered some uncomfortable moments when it was discovered that a manger bought up large amounts of shares beyond his or her allocation in the scarce IPO issue.
The stock traded at $35.80 on Friday but has hardly moved since the results were published an indication that investment don’t see the big jump in profit as sustainable.

Cargo Handlers a nice income generator

Cargo Handlers stock has passed the $22 mark but could well go higher based on the earnings being generated. For the six months to March the Montego Bay based company racked up profit of $78.6 million, 52 percent higher than in 2014 and $38.47 million, up by 48.4 percent over the similar quarter of 2014.
CargoHandlers280X150The good net income came from operating revenues that were up 29.8 percent in the quarter to 62.7 million and 126.2 million in the six months an increase of 29.5 percent. Expenses were kept well below revenues growth at $26.16 for the quarter versus $22.5 million and for the year to date $49.3 million compared with $48 million.
Earnings per share for the quarter is 92 cents and $1.89 for the six months, the company is well on its way to rake in $4 per share for the year ending September.
The company had cash funds of $138 million at the end of March owes very little to creditors with an equity base of $231 million.
The company is primarily involved in stevedoring services and haulage of fuel and the shares trade on the junior market of the Jamaica Stock Exchange and has gained 39 percent since the start of the year.
The company paid an interim dividend per share of $1.25 on March 11, 2015 and $1.30 on September 16, 2014.

ANSA Merchant Bank profit up 70%

Ansa-Mcal-group_logo280x150ANSA Merchant Bank and its subsidiaries reported a 70 percent increase in profit for the first quarter to March this year, compared to the first quarter of 2014. The quarter ended with consolidated operating profit of $53.8 million versus $31.6 million for the similar 2014 quarter and resulted in earnings of 50 cents per share, up from 26 cents in 2014. In 2014 the group reported earnings of $2.43 per share for the twelve months but should exceed that level in 2015.
The stock is listed on the Trinidad & Tobago Stock Exchange and last traded at $38.91, with a PE of 16 based on 2014 results and less, based on what the latest numbers are suggesting, in terms of full year profit for 2015. Examination of the 2013 and 2014 results, show no clear pattern of consistency quarter over quarter for earnings, but the last quarter of the year appears to be one in which profit tends to exceed $1.20 per shares, accordingly, the 2015 earnings could be around $3 per share and if achieved would result in a PE of 13.
The Banking segment produced earnings before tax of $33 million for the first quarter representing a 5 percent increase over the first quarter of 2014. Mutual Funds performed better in the reported quarter compared to 2014 with a small profit of $949,000 versus an $8 million loss, in 2014. The general insurance business produced net earnings of $22.7 million in the quarter, a 47 percent increase over the prior year. The life insurance business experienced a loss in of $2.2 million but an improvement over the loss of $7.2 million in the similar quarter of 2014.
Revenues climbed 21.3 percent to reach $172 million while expenses rose by a more sedate 7.3 percent to hit $118.3 million and helping to push up the profits
The equity capital stood at $1.9 billion at the end of March and total assets of $6.7 billion. ANSA McAl a Trinidad Company owns 82.48 percent of ANSA Marchant Bank group.

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