Paramount’s profit leaps 163% in Q2

One of the branded product distributed by Paramount Trading

One of the branded product distributed by Paramount Trading

Profit after tax at Paramount Trading jumped 108 percent in the May quarter, on a pretax basis, and was up 73 percent after corporation tax in 2013, jumped 79 percent to $34 million, for the August quarter and leaped 163 percent in the November quarter to hit $49 million. The latest results raised the half years profit to $154 million over the similar period in 2013.
The improved results for the latest quarter, came from a 39 percent climb in revenues over the similar period in 2013, with revenues of $231 million versus $166 million in 2013. The latest quarter’s revenues are the highest the company has had, since listing in 2013. Gross profit margin jumped from 46 percent in the August quarter to 58 percent in November and from 49 percent in the same quarter in the 2013. For the six months to November 2014 the profit margin increased to 53 percent from 49 percent in 2013.
The company launched a new line of lubricants during the August quarter but sales are in their infancy at the time. According to a company executive in commenting on the August results, the increased sales was mostly from new customers added as well as increased sales of a product to an existing customer, who was not supplied with that product last year.
Administrative, selling and distribution cost, which fell in the August quarter came out at $33 million from last year’s $31 million. For the six months period these expenses amounted to $64 million versus $66 million in 2013. With the release of the August figures IC Insider.com had projected profit to come in around $152 million in the current fiscal year or around $1.15 per share, the latest figures suggest that earnings per share will probably be closer to $1.40. At the current price of $2.80 the stock would be priced at a PE of only 2.2 making it a very good buy, bearing in mind that that many junior listings have been valued around 8 times earnings in the recent past, and around 6 times now, with the latter PE, the price should potentially get to $8.40 at the low end and $11 at a PE of 8. The company seems poised to raise its next fiscal year earnings to a much higher level than the above forecast (IC Insider.com forecast $2 per share for 2016) so there seems to be much room for the stock to deliver high returns to investors. These figures do not reflect income or profit that should flow from the company’s acquisition of the Tradewell chemical line which they purchased from the Lasccelles group or any other acquisition that they may undertake in the near term. It also assumes that revenues which include some new customers will repeat going forward.
PTL chrt 11-14Financials| The profit to-date provided a strong 44 percent annualized return on average equity. Borrowed funds amounted to only $38 million, compared to the level of equity. Cash is up from $65 million but dividends of $23 million was paid out in December. Receivables which was at $178 million in August from $172 million at May, is down slightly to $172 in November, and represents an improvement considering the strong sales increase. Inventories at $203 million at the end of August and May, this year, jumped to $275 million in November but payables moved up moderately to $136 million from $128 million at the end of May.
The performance of the company during the quarter and for the 2014 justifies IC Insider.com elevating the stock to BUY RATED status in mid-October last year.

AMG flat sales push profit down 15%

amg-packaging280x150Revenues rose a strong 36.56 percent for the year to August 2014 for junior market listed, AMG Packaging, hitting $607 million but it increased by a much slower pace of 28 percent in the final quarter of the financial year, to $165 million.
Those strong gains may have cannibalized sales in the November quarter with flat sales compared with 2013 quarter, with revenues of $151 million. But the performance comes against the back ground of volumes sold, climbing a very strong 19 percent for the year. The fall in volume started from the August quarter as units sold increased by 23.4 percent, management stated in a release accompanying the May results.
While sales increased impressively in 2014 fiscal year margins came under pressure with only 23.7 percent for the year to August down from 33 percent in 2013. For the latest quarter gross profit margin comes out at 25.9 percent but could end up at 31.5 percent for the current year if sales volumes increase by 10 percent for the rest of the fiscal year. Gross profit for the quarter amounted to $34.4 million up from $33.3 million in 2013 but increase mainly administrative cost that rose 28.4 percent eroded profit slightly by 15 percent to $15.4 million from $18 million in 2013. The company got a double whammy, with the Jamaican dollar losing value, resulting in a 28 percent more Jamaican dollars having to be found to purchase a US dollar since September 2012, and the price of paper on the world market moving 22 percent from US$720 per tonnes at September 2012 to US$830 in August 2013 and now US$875, which it has been since June last year.
Receivables are down by $12.7 million from the amount at the end of August last year and so too is amounts in payables by $26 million. Cash funds grew to $33 million from $22 million while inventories is down from to $118 million at August to $113 million, which is nearly 4 months supplies based on sales in the quarter and is up from just two and a half months back in 2013 and seems to be a hedge against devaluation of the Jamaican dollar. But that is only a part of the story. A check on world prices for pulp shows a pretty sharp increase since 2012.
AMG has to continue to grow its business by continued strong volume growth to become a more cost competitive producer with lower unit cost. The company needs to put strategies in place to return volume sales to growth and needs to continue cost containment measures to ensure profit improvement going forward. With increase through put, unit cost of production will fall allowing more growth in gross to flow into overall profits. A bright spot for the company is the fall in the cost of fuel and electricity will help in keeping cost down for the rest of the fiscal year.
IC Insider’s forecast for 2015 is 90 cents per share and $1.50 for 2016 on the assumption that volume sales return reasonable growth.

Caribbean Cream’s Q3 profit up 19%

Kremi ice cream container

Kremi ice cream container

Caribbean Cream is reporting a subdued 19 percent increase in third quarter profit to November, well down from the 79 percent increase for the May quarter, but better than the drop from $7.9 million to only $1.3 million for the August quarter.
Based on the first quarter IC insider forecasted earnings to climb to 40 cents for the fiscal year and to rise to 70 cents in 2016. For the year to February in 2014, earnings came out at only 11 cents per shares, which was up from 5 cents the year before. IC Insider has revised the 2015 fiscal year results, to 22 cents and the 2016 to 60 cents. The reduction is partially due to a 64 percent jump in marketing and administrative cost in the August quarter compared with a 20 percent increase in sales revenues and a 28.5 percent increase in gross profit. For the period to November marketing, administrative and finance cost jumped by 56 percent to $173 million. The sharp increased marketing and administrative cost, looks like settling off, after the company revved up expenditure in these areas to better align management and operations with increasing business activity.
Last year, Management indicated that cost associated with the JMA Expo and development cost for the new Kremi advertising campaign, launched at the end of June, helped push cost in marketing and advertising. The new packaging for the retail products was launched in May, the company reported.
Sales revenues climbed 26 percent in November and is up from 20 percent in the prior periods and is up 22 percent for the nine months to hit $741 million. Growth in sales has slowed and is well down on the growth rate for the February and April quarters, at 48 percent each and 27 percent for the July quarter of 2013. Improvement in the plant and new packaging, should help in moving sales to a higher level, than the slower pace over the last three quarters.
Gross profit margin jumped to 47 percent in the latest quarter from 37 percent in the 2013 period but for the year to November the margin is at 38 percent up from 0 percent for the nine months period in 2013. Going forward margin should improve even more with the blast freezer installed in November which management says will cut utility cost with less usage and create capacity for greater production to enhance sales volumes. With the installation, Manager indicates they will be able to meet the increased demand for the 2014 Christmas period. The management report was released in January, accordingly, the information on demand would most likely be based on actual sales. The company increased prices ahead of the Christmas period but the increase may well have slowed down sales volume growth.
CCrm sum -11-14.docxKremi paid over $63 million in electricity cost in 2014 fiscal year with the last quarter at $18 million. The company will benefit from less usages with the more efficient freezer going forward as well as from the reduction in electricity cost with the fall in the price of oil and the pass through effect on JPS bills, to their customers.
During the year to November, capital expenditure amounted to $56 million spent on the blast freezer and was geared to improving efficiency in the factory. Equity capital stands at $261 million and borrowed funds at $155 million of which $12 million is due to be repaid in a year’s times.
The stock last traded at 80 cents each but with our forecast for the 2015 fiscal year that ends in February the PE works out at 3.6. The company is in the business of production and sale of ice cream and is listed on the junior stock exchange market.

Jamaican Teas 2014 profit drops

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JamT dr signJamaican Teas reported sharply lower profit, last year to September, of $52.7 million versus $93 million in 2013, with earnings per share of 31 cents. The figures were reported in the group’s audited financial statements release last week.
The results emanated from sale revenues of $1.14 billion down from $1.23 billion in 2013. There was approximately $50 million coffee sales included in the 2013 results with none in 2014. In 2013 the real estate segment contributed $185 million in revenues compared to only $26 million in 2014 with most coming in the September 2013 quarter.
Gross profit margin shrank slightly from 21.89 percent to 21 percent for the year, helping to cut gross profit by $17 million. Other operating income climbed to $24.7 million from $12.9 million in 2013, partially due to losses on sale of, and impairment of investments incurred in 2013, amounting to $13.5 million, but did not occur in 2014.

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 company increased marketing spend by 50 percent for the year, in the local and overseas markets, to maintain or increase market share, while administrative expenses climbed 25 percent for the year and finance cost rose by 108 percent. The acquisition of the factory at Bell Road, is partially funded by loans, contributing to the increase. There was also duplication of some cost while the factory was being refurbished for occupation. In the final quarter, adjustments to cost and some asset values helped to depress the profit for the year and is not an indication that the group has moved into a longer-term lossmaking period.
Changes in our distributorship in the Florida at the start of the fiscal year resulted in some short-term fall out in sales and increased marketing cost. A new distributor was appointed in the US market that will provide wider distribution in some key cities within that country. Revenues are expected to benefit from this development starting with the December quarter. The 2015 revenues, should also benefit from the completion of sales of 16 units in the first phase of the real estate development in St Thomas. The supermarket in Savanna-la-Mar was close to a break even by year-end and while the one in Kingston remained profitable. The Montego Bay supermarket reported losses in line with what was incurred in the prior year.
JTS tab 9-14There was approximately $50 million increased borrowed funds at the end of the year, putting borrowings at $304 million. The profile of the debt changed markedly, with long-term loans accounting for two thirds of the debt at the end of the fiscal year compared with just 2 percent in 2013. The portfolio of investments including equities, stood at $123 million at the year-end and shareholders’ equity of $635 million.
The company imports of black and green tea in bulk for packaging and the distribution local and overseas. it also packages and distributes herbal teas and distributes other bottled water, coconut milk and other pre-packaged food items. the group operates supermarkets and is involved in the rental of residential properties and the development of real estate for resale.The stock is listed on the Jamaica Stock Exchange and last traded at $2.50.

Cargo Handlers’ Q4 profit doubles

CargoHandlersLiquidBulkCarriersProfit for the September quarter at Cargo Handlers is up 117 percent over the 2013 results to $49.7 million from revenues that climbed a very strong 77 percent. Profit rose by a smaller 55 percent, for the nine months ending September this year, to $131.7 million or $3.52 per share from revenues for the nine months of $220 million.
Other income, mainly foreign exchange gains, fell 13 percent in the quarter and was flat for the year, at $16 million. During the year the company earned $13.6 million from leasing and $8.9 million from management fees charged to a related party – Bulk Liquid Carrier and Petroleum Transport Ltd.
Administrative expenses dropped 31 percent in the quarter and 9 percent for the year but operat9ing expenses climbed 37 percent for the quarter and 22 percent for the year well below the increase in revenues. The company paid a dividend of $1.80 per share during the year for a yield in excess of 13 percent based on the stock price of $13.50 at the start of 2014.
CHL 9-14Looking forward the foreign exchange gains earned in the last two years is unlikely to repeat in 2015 as the Jamaican dollar is unlikely to slip to the same degree it did in the recent past, so earnings will need to exclude most of these gains which amounts to just over 40 cents per share. Investors could be looking at earnings per share around $4.80 in 2015. At a price of $16 the stock is undervalued but they are difficult to come by.
Equity capital stood at $200 million and net book value at $5.33 per share. There is virtually no borrowings and cash of $93 million.
The company is involved in primarily in stevedoring services and is in the process of acquiring a petroleum haulage company which it now manages pending completion of the sale. The stock is listed on the Jamaican Stock Exchange.

Access dominates with 1.2b shares

AccessBuilding320px There was trading in 135,339,271 units of Access Financial shares which were primarily sold by Mayberry from their holdings and purchased by Proven Investments, in 33 trades. The acquisition places Proven at just under 50 percent ownership of the company. The trade was by far the largest on the exchange for the day and leaves less than 10 percent of the ownership in the wider public’s hands.
Trading on the Junior Market closed with only 6 securities traded and ended with 135,592,084 units valued at $1,218,415,832 changing hands. The JSE Junior Market Index fell 4.72 points to close at 684.63, with the price of only 1 stock advancing and 3 declining.
Even as the index slipped, the junior market continues to reflect renewed interest with 4 securities closing with no bids to buy and there were 9 securities that had no stocks being offered for sale. At the close of the market, the indicators point to rising prices ahead as there were 6 stocks with bids higher than their last selling prices and only 1 stock with the offer that is lower.
Stocks trading are, Lasco Financial ended trading with 3,000 shares as the price rose 2 cents to 98 cents, General Accident ended with 3,000 shares changing hands at $1.75, Lasco Manufacturing had 8,813 shares changing hands to close at $1.12. Access Financial closed with 135,339,271 units trading as the price slipped 5 cents to $9, Caribbean Producers finished with 1,000 shares trading lower by 2 cents to $2.03 and Lasco Distributors ended with 237,000 shares trading 4 cents lower at $1.41.

Scotia Investments in transition

ScotiaInvestmentsBuilding280x150Scotia Investments (SIJL) reported net income of $1.79 billion results for the year ended October 2014, down $205 million from the last year. Net income for the quarter was $450 million, down $54 million from the previous quarter, and $123 million from the corresponding quarter last year.
Earnings per share for the year ended at $4.23 compared to $4.71 in 2013. The Return on Average Equity fell was from 16.55 percent in 20123 to 13.6 percent.
Net interest income for the year was $2.3 billion, down $519 million or 18 percent below last year and for the quarter, $499 million, down $81 million or 14 percent below the July quarter.
Non-interest income, which includes fee income, securities trading gains and net foreign exchange trading income, was $1.89 billion for the year, is up $237 million or 14 percent; and $487 million for the quarter, down $61 million compared with the July last quarter.
Total Operating Income, comprising net interest revenue and other income was $4.17 billion, a reduction of $281 million relative to prior year. Total Operating Income for the quarter of $986 million was down $233 million over the corresponding quarter last year.
Total operating expenses for the year was $1.62 billion, up $33 million or 2 percent compared to 2013. Expenses amount to $364 million for the October quarter, down $32 million or 8 percent against the July 2014 quarter, and it is also down 19 percent, against the 2013, October quarter.
SIJL 10-14Total on balance sheet assets amount to $72 billion and show a reduction of $1.4 billion compared to last year. At the end of October 2014, total funds under management stood at $151 billion, $96 billion or 64 percent represents off-balance portfolio, compared to 60 percent last year. The Scotia Premium Money Market Fund grew to $10 billion by the end of the year. For 2014, funds managed through the unit trusts and mutual funds increased by 17 percent year over year, due to both growth in volume and appreciation in value of the funds. Management states that “the change is consistent with our strategic initiative to focus on the growth of our unit trusts and mutual fund portfolios.”
Shareholders’ equity stood at $13.6 billion as at October 31, 2014, an increase of $1.15 billion or 9 percent compared to last year. Net asset value per share is $32.14 and the stock price $23.40 with the PE ratio just above 5 times 2014 earnings. With interest rates falling and the funds under management rising SIJL should put into a better performance in 2015.

Barita’s ugly Q4 results

Barita280X150Barita Investments had a decent nine months’ performance to June this year, with profit of $156 million versus $77 million in 2013. Profit had dipped for the June quarter from that of 2013 by just under 50 percent. The net result was earnings per share of 35 cents.
With those results investors would be forgiven if they felt that full year’s earnings would be closer to 50 cents per share than the 16 cents they reported. That company reported a loss in the September quarter of $66 million down from a profit of $24 million in 2013, pulling full year results to $71 million compared to $63 million in 2013.
Major contributors to the final quarter’s loss, are increased taxation of $26 million, with a loss before tax of $40 million. Investment impairment resulted in $42 million hit against profit while securities and foreign exchange trading ended up in losses and dividend income fell by $19 million. Net interest income dropped sharply as well, by 60 percent to $45 million while administrative cost was up 17 percent. Barita also picked up a loss of $10 million from an investment in an animated development company GSW Animated Ltd. Barita’s investment in the company is $28 million, for 11.84 percent interest.
For the full year interest expense rose 21 percent but income fell marginally, while income from fees, commission and securities trading were the only areas to show growth. Cost was kept pretty tight with only a 4 percent rise.
In 2013 Barita took a big hit on its investment portfolio when it swapped Government bonds for lower yielding ones, resulting in a write off of capital gains on their holdings. Interest rates rose between 2013 and mid 2014 resulting in a squeeze on interest margins. Some of the reduction on the interest income side was made for by a switch to foreign exchange holdings to benefit from the devaluation of the local dollar. Revaluation of the Jamaican dollar in the September quarter would have negatively affected return in this area. The local dollar slipped in the December quarter which should benefit them. Economic measures being pursued by the Jamaican government along with the sharp drop in oil prices will lead to greater stability or possible some revaluation of the local dollar in the months ahead. This will likely result in a portfolio shift that will improve net interest income. The local stock market is showing signs of improved interest and if this continues, trading income will improve for 2015 and the large investment impairment hit should not occur. The end result is that the company should enjoy better results in 2015.
BIL table 9-14Of import is the higher level of profitability, shown in comprehensive income statement, with gains of $242 million excluding revaluation gains on property. The increased comprehensive income resulted in the capital base of the company rising to $1.67 billion from $1.4 billion at the end of the 2013 fiscal year. Total assets being managed is $13.6 billion.
Barita should be seen a good play on the revival of the local stock market which is going to happen at some time in the near future, exactly when is unsure at this time, based on valuation and performance of companies it may not be far off.
The company’s stock is listed on the Jamaica Stock Exchange and last traded at $2.18 with net assets of $3.75 per share. Profit may have slipped in 2014 but that is not an indication of a permanent slippage as such the stock remains BUY RATED based on it low price and the potential for higher earnings ahead.

Massy Holdings profit jumps 23% in Q4

Masst LogoFor the year to September, profit for Massy Holdings rose only 2 percent, to $555 million or $5.68 cents per share.
Profit for the September quarter amounted to $190 million and is up a strong 23 percent over the 2013 results. The yearly profit is negatively affected by a $58 million cost incurred in relating to the company changing its name and form Neal and Massy to Massy Holdings along with other rebranding expenses. Earnings per share for 2015 should end up around the $6 levels, on the assumption that measures needed in the Trinidad economy to deal with the fall in oil price will not have any serious negative effect on the Group’s operations in that country. The PE for the stock will be around 11 times 2015 earnings and should provide a basis for the price to increase during next year as the target should be around 15.
Total revenues for the year is up 14 percent to $10.7 billion, and up 18 percent in the September quarter to $2.77 billion, the latter benefitted from the acquisitions in Columbia that contributed $123 million in revenues and $2.5 million in segment profit. Additionally, the group acquired majority interest in a supermarket business in St Lucia in late December last year. The income form that operation is included in the October quarter but would not be there in 2013.
Segment profit before rebranding cost saw growth in Automotive and Industrial Equipment increasing by 5 percent, Integrated Retail gaining a mere 2.5 percent, Insurance up by 17.6 percent, Energy and Industrial Gases 52.4 percent, Information Technology Communications 10.3 percent and Other Investments down 21.5 percent. Jamaica contributed 37 percent more in profits to the group in 2014 than in 2013, Trinidad from which the bulk of profit comes saw a 6.7 percent increase and Guyana 4.7 percent.
Massy Holdings is listed on the Trinidad & Tobago Stock Exchange and is involved in a wide range of products and services.

Ethanol losses & loan cost hit JBG profit

Jamaica-BroilersEthanolPlant280x150Profit fell 30 percent, for the six months ending October this year and a whopping 43 percent for the October quarter at Jamaica Broilers (JBG). With chicken processing being their main product line, the company reported profit of $210 million in the six months to October, down from $301 million for the similar period last year.
JBG reported a net profit of $99 million for the October quarter down from $173 million in 2013. The fall in profit is due to three main factors. Interest cost climbed 106 percent in the latest quarter and 68 percent in the six months period and corporation tax jumped 180 percent in the quarter and 58 percent for the six months against revenue growth of 15 percent in the quarter and 14 percent year to date. The ethanol operations contributed considerably to the lower profit with a loss of $144 million versus $27 million profit in 2013, the loss made in the October quarter was $55 million. Rising profit in the US segment accounted for the bulk of the tax increase.
On a positive note management indicates that “new business in the Ethanol division looks promising with income already received in October and November.”
JBG 10-14Administrative expenses climbed 11 percent in the quarter and 21 percent for the nine months to October, with the latter growing faster than revenue increase.
The United States segment has done exceedingly well, with segment profit moving from $202 million in 2013 to $572 million this year. Ethanol is a concern especially with world oil prices having fallen sharply this year. Other areas have just kept pace with the prior period, the increased debt cost is weighting down on profit and needs to be put on firmer and more cost effective footing. The company makes the bulk of it profit in the second half of the year and with ethanol seems to be generating added revenues things could be looking up in the second half.
Jamaica Broilers borrowed $800 million more since the year-end at the end of April pushing borrowed funds to $7 billion this was used to fund increased inventories that rose by $800 million over the same period.

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