All 3 Lasco companies approve splits

June 27, 2013 by

All three Lasco listed companies approved a 10 for 1 stock split at yesterday’s meetings called solely for that purpose. While the notice suggest that the splits take effect immediately the stocks traded at the old price levels in Thursdays trading. Lascelles Chin, the Chairman of all three companies confirmed to IC Insider that the record date for the Lasco splits is July 9, 2013 and the ex-date is July 5, 2013.

It will mean that Lasco Manufacturing will have 4.087 billion shares, Lasco Distributors will have 3.3664 billion shares in issue and Lasco Finance 1.228 billion shares. The split will mean that the stocks will trade for less than $2 initially as they are all priced under $16 now. Improved results for the first quarter of the 2014 financial year which ends in March should help pushed the prices up when they are released by early August this year.

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Blue Powered huge profit increase

June 16, 2013 by

A Junior Market stock should hit the roof next week as the company Blue Power not only reported record profits, it blew away last year’s results with a stunning 121 percent increase as revenues rose by just 22 percent for the year ending April.

Profits for the financial year stood at $104 million compared to $47 million in the same period last year, an increase of 121 percent. The Lumber Depot division contributed $61 million to the profit, improving by 111 percent over the previous year while the soap division accounted for $43 million, an improvement of 137 percent over the previous year.

The results translate to return on equity of an attractive 35 percent up from 21 percent in 2012. The net asset value is $6.11 and the stock price of $8.65 is less than 1.5 net book value.

Combined sales for the year ended April, 2013 were $1.045 billion compared to $863 million in 2012, an increase of $182 million or 21 percent. For the year, the Lumber Depot division achieved sales of $742 million versus $620 million the previous year, an improvement of 20 percent while the Blue Power soap division moved to $303 million from $243 million, an increase of 25 percent.

BluePower150x150April quarter | For the fourth quarter sales rose to $339 million compared to $224 million for the same period last year, an increase of $115 million or 51 percent. Comparing the fourth quarter with the same period last year, the increase in sales for the Lumber Depot division was 77 percent, from $156 million to $276 million while sales for the Blue Power soap division actually declined by 6 percent.

Revenues for the 4th quarter was by far the best of any of the quarters with the December quarter coming closet with revenues of $267 million. The percentage revenue increase was also the best with a 13 percent increase in the December quarter coming closest. The latest quarter profit was the highest of any quarter with July and December quarters coming closest at $24.7 million and $23.2 million respectively.

Management’s comments | In commenting on the results, management said “The extraordinary enhancement in both sales and profits in the Lumber Depot division was due to two main factors: the first and most important being the award of a significant supply contract by an international agency and the second being the strategic management of our purchases of materials for resale. The overall increase in sales and profits of the Blue Power soap division was achieved largely as a result of a significant increase in sales of bathing soaps which are slowly but surely gaining acceptance in the market place.

As a result of the substantial improvement in profits, our balance sheet is healthy which will allow us to expand as well as be in a position to make adequate purchases of materials for resale and raw materials for manufacturing at reasonable prices.”

The company’s finances is in a healthy position with virtually no debt. Current assets of $390 million of which cash is $145 million up from $58 million in 2012. Current liabilities is $88.5 million.

Investor’s Choice is forecasting 2014 earnings close to $3 per share.

Update Wednesday 19th June | The Board of Directors of Blue Power Group Limited will meet on Thursday, June 27, 2013 to consider the payment of a dividend.

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Dividends & Insider Trades

June 10, 2013 by

Seprod Limited | Declared a dividend of $0.53 per share payable on July 8, 2013 to shareholders on record as at June 21, 2013. The ex-dividend date is June 19, 2013.The previous dividend paid by the company was $0.30 per share, on November 9, 2012.  Prior to this, the company paid a dividend of $0.53 per share on August 7, 2012.

Seprod reported profits for the first quarter of this year that was down on the similar quarter in 2012. Profit after tax profit slipped to $231 million compared to $292 million in the 2012 first quarter.

JPS Preference dividends | Declared quarterly dividends for the issued preference shares which will be paid on July 1, 2013 to shareholders on record as at June 14, 2013, the ex-dividend date is June 12, 2013. The following are the shares and the amounts:

  • Jamaica Public Service Company Limited 7% – $0.035
  • Jamaica Public Service Company Limited 5% C – $0.025
  • Jamaica Public Service Company Limited 5% D – $0.025
  • Jamaica Public Service Company Limited 6% – $0.03

Insider trades | Jamaica Producers Group Limited advised that two Directors purchased a total of 290,287 of the company’s shares, between May 17 & 24, 2013. Mayberry Investments Limited has also advised that a connected party purchased 29,037 shares in the company on June 3, 2013.

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Proven, FCIB declare dividends

June 3, 2013 by

Proven delivers 10% cash return | PROVEN Investments has declared a dividend of US$0.0032 per ordinary share payable on June 26, 2013 to shareholders on record as at June 12, 2013. The stock will trade ex-dividend date is June 10, 2013.

This brings the amount of ordinary share dividends to US97 cents in the last twelve months. The dividend yield is close to 10 percent based on the stock price in early June 2012.

A dividend of US$0.0022 per ordinary share was paid in March this year.  One was paid in December 2012 amounting to US$0.0025 per share in August they paid US$0.0018 per share.

The company will also pay a dividend of $0.10 per preference share payable on June 24, 2013 to shareholders on record as at June 10, 2013. The ex-dividend date is June 6, 2013.

US$&Coins280x150First Caribbean International Bank | Operating throughout the Caribbean region and listed on the Barbados, Trinidad and JSE exchanges, First Caribbean has declared an interim dividend of US$0.015 cents per share payable on June 28, 2013 to shareholders on record as at June 13, 2013. The ex-dividend date is June 11, 2013.

The bank reported net income for the six months ended April, 2013 of US$34 million that is up $4.6 million versus net income of $29.4 million for the same period in the prior year thanks to a sharp reduction in loan loss provisions. Total revenues of $263.3 million were down $5.9 million and continue to be challenged by the struggling economic conditions of the region. Loan loss impairment expenses were down $22.4 million.

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Lasco companies splitting up shares

May 27, 2013 by

Lasco Manufacturing, Lasco Distributors and Lasco Financial Service will be holding extraordinary general meetings starting between 10 and 11 o’clock Wednesday, June 26, 2013 at the Knutsford Court Hotel, 11 Ruthven Road, Kingston for shareholders of the companies to consider the recommendation to split the shares of the companies by subdividing each share into ten (10) new shares. Each company will convene separate meetings on the morning.

The release to the stock exchange did not state the reasons for the move. The shares, which are trading between $8 and $12.50, have had limited supply in recent months as the supply of shares in the local market gets tighter as more investors opt for stocks as a better investment.

LascoPills150x150The stock split will only give the shares a semblance of liquidity but it won’t really change things as the current price of the three companies are not high. Ultimately, what will be needed is for more of the existing shares to be sold to the market. In reality, 20 percent of small capitalized companies will not create much liquidity and it will worsen if the companies perform well and investors hold on to their investments to reap the benefits of future growth.

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Dividends coming

May 27, 2013 by

Scotia Group | Scotia Group Jamaica approved a second interim dividend of 40 cents per stock unit payable on July 4, 2013, to stockholders on record at June 14, 2013. The ex-dividend date is June 12, 2013. The group previously paid its first dividend of 40 cents per stock for the fiscal year at the end of March. In 2012, the group paid 37 cents in each quarter but it was raised to 40 cents commensurate with a payment that was made in January this year. The group pays dividends on a quarterly basis.

Scotia Investments | Scotia Investments Jamaica approved a second interim dividend of 45 cents per stock unit payable on July 4, 2013, to stockholders on record at June 14, 2013. The ex-dividend date is June 12, 2013. The company previously paid its first dividend of 45 cents per stock for the fiscal year at the end of March. In 2012, the group paid 40 cents in each quarter but it was raised to 45 cents with a payment that was made in January this year. Scotia Investments, which is majority owned by Scotia Group Jamaica, pays dividends on a quarterly basis. 

JSE Pref | The Jamaica Stock Exchange Limited approved quarterly preference share dividend of $0.0290 per share payable on May 31, 2013 to shareholders on record as at May 24, 2012. The ex-dividend date is May 21, 2013. This will be the last dividend for these shares as they will be redeemed by the end of May.

Proven consideration | The Board of Directors of Proven Investments Limited will consider making a dividend payment to both its ordinary and preference shareholders at a meeting to be held on May 29, 2013.

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Seprod’s dividend consideration

May 22, 2013 by

The Board of Directors of Seprod Limited will meet to consider the payment of a dividend at a meeting scheduled for June 3, 2013. The company last paid a dividend amounting to $0.30 per share on November 9, 2012. Prior to the November payment the company paid a dividend of $0.53 per share on August 7, 2012.

Seprod recently reported profits for the first quarter of this year that was down on the similar quarter in 2012. Profit after tax profit slipped to $231 million compared to $292 million in the 2012 first quarter.

For the last IC Insider report ‘What’s really up at Seprod‘, Click here

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Yes and no to dividends

May 17, 2013 by

It has come as no surprise that Pan Jamaican Investment Trust has decided to forgo the payment of a dividend, a decision made at the board meeting held on the 16th of May. The group has been making payments of 50 cents per quarter but upped it to $1.10 in March. The directors stated “having paid $1.10 in March 2013, the Directors agreed that it would not be prudent to pay another dividend at this time and will consider another dividend in the third quarter”. The increased amount was apparently due to a decision by government to increase withholding tax from 5 percent to 15 percent.

SVL to pay 8 cents | The Board of Directors of Supreme Ventures Limited declared a dividend of $0.08 per share payable on June 17, 2013 to shareholders on record as at June 3, 2013. The ex-dividend date is May 30, 2013.

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D&G will pay 10¢ dividend

May 17, 2013 by

Desnoes & Geddes (D&G) will be paying the second interim dividend relating to this fiscal year which ends in June of $0.10 per share payable on June 25, 2013 to shareholders on record as at June 7, 2013. The ex-dividend date is June 5, 2013.

D&G just reported a rise in profits to 37 cents per shares for the 9 months to March after taking a hit for staff separation of $152 million in the March quarter. The proposed payment brings the total dividend for the year to 30 cents. Demand for the shares has increased since the announcement was made of a likely second dividend and the release of the quarterly results. The stocks traded as high as $5 from around $4.15 that it has been trading at for months.

Both Scotia Group and Scotia Investments are expected to announce dividends on the 24th of May. Based on past practices, the former should be paying 40 cents per share and the latter 45 cents per share. The payments will most likely take place at the early part of June.

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Dividends to come

May 10, 2013 by

The Board of Directors of Desnoes & Geddes (D&G) has advised that they will meet on Thursday, May 16, 2013 to consider the payment of a second interim dividend for the year 2013. On the same date the Board of Directors of Pan-Jamaican Investment Trust will meet to consider the payment of a second interim dividend for the year.

If the dividend is approved, Desnoes & Geddes would be returning to the regular practice of paying two dividends per year, which was suspended when the operations was faced with challenges after the global economic crisis took full effect in Jamaica. The company paid 20 cents per share in December.

Pan Jamaican already made a payment of $1.10 cents in March and if the Board approves, it would be the second of four for the year and likely to be $0.50.

The Board of Directors of Dolphin Cove has declared a dividend of $0.10 per share payable on June 6, 2013 to shareholders on record as at May 20, 2013. The ex-dividend date is May 16, 2013. This payment is likely to be the second of three for the year having paid one in March already.

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