Revenue down at Kingston Wharves profit up

KingstonWharves280x150Revenues declined in the two quarters to June at Kingston Wharves by 19 percent, in the first quarter and 9 percent in the second, for an overall decline of 14 percent for the half year.
Revenues came in at $994 million for the June quarter, compared with $1.1 billion in 2013 and for the six months, $1.94 billion versus $2.26 billion. Decline was seen in both the regular revenue stream as well as for other operating income. “The reduced revenue was significantly influenced by the loss of business from a main shipping line and the overall decline in economic conditions” Grantley Stephenson Chairman and CEO, said.
Gross profit declined by 13.5 percent for the half year, better than the decline in revenues and 10 percent for the quarter, almost in line with the fall in revenue. Kingston Wharves picked up foreign exchange losses of $131 million in 2013 but only $68 million in 2014.
Administrative cost were down but at a slower pace than revenues at 11 percent for the half year and 8.5 percent for the quarter. Reduction in taxation provision from $85 million in the June quarter of 2013 to only $5 million in 2014 prevented profit after tax from falling below the $175 million earned in 2013 as well as the six months which ended at $353 million compared to $322 million excluding amounts due to minority shareholders. For the June 2014 quarter, Kinston Wharves made profit after tax and minority interest of $219 million. For the six months earnings per share is 25 cents. Return on equity is working out at 6 percent per annum, not great, but the funds acquired for investment in the port expansion and modernization is yet to be fully deployed, to generate profits and so improve the level of return.
Finances| The company boast equity of $13 billion, with loans amounting to $1.8 billion, cash and investments of $2.6 billion at the end of June. Net asset per share is $10 while the stock price is at $5 but there is need for strong growth in profit to help bridge the gap, this may have to await the completion of the expansion of the facility.
The real attraction here for investors, is the planned expansion of its facilities to take advantage of the Panama Canal expansion and the added traffic that is expected to flow form it.

Board resignations at Carib Cement

caribcementlogo150X150News just out from the Jamaica Stock Exchange, now confirm that Caribbean Cement Company has advised that Brian Young – the company’s Chairman, Judith Robinson – Chairman – Board Audit Committee and Bevon Francis – Member of the Audit Committee have resigned from the Board of Directors of Caribbean Cement Company effective August 19, 2014.
No mention is made of Rollin Bertrand, the former CEO of Trinidad Cement in the release. IC Insider expects that at some time, his tenure will come to an end on the Jamaican board, as well. The release did not state who the replacements are but as indicated in an earlier story IC Insider expects Christopher Dehring to head that board. IC Insider expects that there will be changes at the executive level in keeping with the removal of Bertrand as CEO of the group. Persons seen to be loyal to him will most likely be shifted from key position.

Major management changes likely at Carib Cement

caribcementlogo280x150The shareholders revolt that effectively ousted directors and Chief Executive officer at Trinidad Cement, earlier this week, is likely to have far reaching impact at the company’s subsidiary, Caribbean Cement.
The changes in Trinidad, saw the non-appointment of Caribbean Cement chairman Brian Young, who seems unlikely to win the favours of the new board and is hardly likely to see the new board in Trinidad accommodating him in the critical chairmanship position in Jamaica. Bevan Francis and former CEO of the group Rollin Bertrand also serve of the Jamaican board and are not included in the new board composition at the group level. Christopher Dehring who is now on the TCL board, may well be the man tipped to head the local board, when the time comes for the changes locally. Such changes cannot be far off as the new management in Trinidad, try to unearth whatever facts they their mission to determine the true state of health of the group, may uncover. Judith Robinson who is a former partner of Brian Young at Price Waterhouse could well be getting the axe as well.

Shareholders’ revolt oust directors at Trinidad Cement

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TCement_280x150 Shareholders revolt ousted directors and Chief Executive officer at Trinidad Cement, at a special meeting on August 19th called to make changes to the directorship.
The former directors of the company decided to fight a battle that they could not win in an attempt to stave off the appointment of some new directors and removal of others. In December last year, IC Insider in an article on the debacle between some disgruntled minority shareholders and Trinidad Cement Limited (TCL) indicated, that it’s a fight that the directors were not likely to win. The effect of their intransience is a costly legal battle in which has cost the company unnecessarily.
IC Insider went on to say “in a battle with some local shareholders who want representation on the company’s board of directors and requested that the annual general meeting that should have been held on Friday July 12, 2013 to be put off pending court hearing as to whether a resolution to nominate them should be put on the agenda for consideration. The request by the minority shareholders to seek to nominate directors and have their names included as such on the notice calling the annual general meeting is reasonable, but that would have to be done ahead of the notice period which is usually 21 days ahead of the meeting. Information from the Guardian newspaper suggest that the company was formally informed of the request well ahead of the deadline date and the shareholders seem well within their right to have sought to prevent the AGM from going ahead without their names being put on. In all probability, the minority shareholders will win their initial battle with the company but it’s left to be seen if they will succeed at the general meeting of 2013 which now seems likely to be held in 2014 instead.”
At the special meeting called to change directors following a failed attempt to get the courts to block such a meeting the disgruntled shareholders who managed to garner more than 50 percent of the votes ousted to dissident directors including the CEO. The changes are likely to have repercussion of the board of Caribbean Cement as subsidiary of TCL. Bryan Young Chairs that board and it would be hard to see the new board accommodating him in the critical chairmanship position in Jamaica, Francis and Bertrand also serves of the Jamaican board.
Prior to the meeting Andy Bhajan, Rollin Bertrand, Brian Yopung, Leonard, Carlos Hee Houngand Bevon Francis resinged. At the meeting Wilfred Espinet, Alsion Lewis, Christopher Drehring, Michael Glenn Hamlel-Smith, Francisco Aguilera Calos Alberto and Nigel Edwards wefre appointe ddirectors.
The move should no pave the way for the legal battle now in the courts to be withdrawn and put the company in a psoitioon to hold the general meetings for 2013 and 2014 which were postpone pending the outcome of the court action.

Watch this one – Big inside trades at Jamaica Broilers

Jamaica-BroilersEthanolPlant280x150Investors should be keenly watching development at Jamaica Broilers. The company recently, advised the Jamaica Stock Exchange that senior management and directors purchased a total of 7,854,620 shares on August 15 and a Director purchased 237,500 shares on August 14, 2014.
The total cost of these trades would be in the order of $36.5 million. More significantly, there has not been any trade of this magnitude for years by insiders.
The trades may be carrying coded messages to the wider investing public as to what may be happening to profit. On July 30, this year, a director sold 500,000 shares, and a director purchased 574,651 of the company’s shares on March 28 and back in 2013 a related party sold 1,500,000 of the company’s shares to another related party on November 14.
A check with the Jamaica Stock Exchange shows the only other year recently that there was major trading in the stock by insiders was back in 2012, when seven Senior Managers purchased a total of 8,774,697 of the group’s shares on September 14.
The other times of major buying of the stock by managers and directors, was between April 2006 and April 2008. The trades in late 2007 triggered some outcry by investors which led to the company making a public statement in connection with the trades.
At the time of major trading of the shares by insiders in 2007, the company released a report to the Jamaica Stock Exchange around October 4, which stated that “Shares in Jamaica Broilers Group were traded by some directors and senior management in September 2007 during the time window which is allowed by the Jamaica Stock Exchange providing there is no material event requiring disclosure. We wish to State unequivocally that, when these shares were traded, there were no inside knowledge of any circumstances that were no available to the general public.
When these trades took place the company was of the view that – based on a sale contract with affixed selling price – good results would have been realised for the second quarter, irrespective of the reduction in world market prices for fuel graded ethanol.”
IC Insider projects that profits for the current year should hit a record $1.25 per share or $1.5 billion up from 79 cents per share or $950 million for the year to April 2013. The next set of results are due around the 8 of September and will be for the first quarter to July.

Massy Holdings rebranding cost TT$59M

Trinidad based, Massy Holdings rebranding and change of name, from Neal & Massy Holdings, to Massy Holdings has cost the group TT$59 million according to information included in the group’s nine months results to June.
Masst LogoThe amount helped pulled the net profit for the quarter below that of the similar period in 2013, from $128 million to $99 million. Most of the companies within the sprawling group now carry the Massy name except in Guyana and St Lucia, the company stated in their report to shareholders.
The company’s former name came out of the merging of two companies operated by their founders, Harry Neal and Charles Massy that carried the individual names which were combined to form Neal & Massy. According the group’s 2013 annual report “In 1933, rising to the challenges of survival and growth, two entities concluded an historic merger, and became one – Neal & Massy Engineering Company Limited. They were responding both to world economic conditions of the Great Depression, and to the promptings of shrewd local bankers.”
According to information accompanying the nine months results, half of the rebranding cost relates to signage and painting for all Massy buildings, many of which were due for a face lift. The rest of the cost relate professional services training materials, advertising and events.

C2W Music reports 1st profit

C2WMusicStart up C2W Music is reporting its first quarter of profits since it was listed on the junior market in 2012. The company that had chalked up losses in each quarter since listing, shows a profit of US$16.6000 for the June 2014 quarter, in its latest release of results.
The company booked copy right income of US$30,000 in the quarter and royalty of only US$189, but with administrative expenses of $12,193 and finance cost of US$1,396 the income was enough to leave a surplus for the quarter. This compares with a loss of US$157 million in the 2013 quarter. For the six months to date, losses are down to $66,000 versus $346,000 in 2013. Is this the light at the end of the tunnel? Management seems to think so as the quote to shareholders show below suggest.
“The Company negotiated an extremely strategic joint venture music publishing deal with one of our songwriters and an extremely successful music publisher, Rebellion Corps/Notting Hill Music. In this joint songwriters and an extremely successful music publisher, Rebellion Corps/Notting Hill Music. In this joint venture, they will help us in securing homes for more of our copyrights, which will result in increased revenue for the Company. The Company continues to work closely with the Caribbean Performing Rights Societies to recognize our rightful revenue, as their new royalty distribution systems are now in place. The Company continues to exploit our own catalogue and continues to have success in this area. We are also proud and happy to know that the Maxi Priest album is doing very well with two of our songs on the album, and the Etana album is heating up to be a success story also,” Ivan Berry the company’s CEO stated in commenting on the results.
At the end of the quarter, the company had equity of only US$34,000 having racked up net losses of US$1.25 million, loans of $75,000 and cash of only $2,000.

Medical Disposables revenue up 26%, profit 13%

Winston Boothe - Chairman Medical Disposables & Supplies

Winston Boothe – Chairman Medical Disposables & Supplies

Revenues for the June Quarter of Medical Disposables & Supplies rose a strong 26 percent in the June quarter to $258 million from $205 million but profit before tax is up by a much smaller 13 percent, to $17 million from $15 million in 2013.
Profit after tax is up 55 percent as there was no tax charge in the June 2014 quarter, but tax ate up $4 million of the 2013 profit. “The main reason for the growth in revenue is the strategic focus on new and wider product offerings and greater market penetration”, Kurt Boothe, General Manager stated in his report to shareholders.
Gross profit grew 27 percent to $65.6 million from $51.66 million and gross margin moved to 36.24 percent in the quarter, from 33.78 percent in the 2013 June quarter but down from 42.15 percent in the March 2014 quarter. “This improvement was due to the product sales mix, increases in sales of products with higher margins and consistent review of our pricing structure to maintain the gross margin efficiency” Boothe stated. The audited accounts showed Gross profit margin of 35 percent for 2013-14 fiscal year.
Operating expenses climbed 49.7 percent in the June quarter over the 2013 quarter and “was driven mainly by staff related expenses, professional fees and special bank charges. Staff related expenses, in particular, were driven by the strategic decision to realign the staff complement and compensation to sustain the current growth, development and expansion of the business,” the general manager stated.
Earnings per share for the June quarter was 6 cents per share with the full year set to come in around 25 to 30 cents per share based on existing operations. At a stock price around $2 there is not much room for the price to make any major moves in the short term, unless the stock market becomes bullish.
Medical Disposables was listed on the junior market of the Jamaica Stock Exchange in December 2013, when it sold 63,157,895 Shares at $1.83 each and raised $113.7 million in its IPO.
Year over year current assets climbed from $370 million to $514 million due mainly to the IPO funds raised, while current liabilities stood almost static at $221 million. Shareholders’ equity jumped to $369 million from $163 million in March 2013 while borrowed funds are down from $147 million to $128 million, or just under two years’ cash flow.

Big jump in RJR Q1 profit (BUY RATED)

Radio Jamaica’s (RJR) profit for the first quarter to June jumped by 829 percent to $15.2 million up from only $1.6 million in 2013. The bottom-line improvement came from an increase of 7 percent in revenues for the June quarter, to $507 million.RJR_logo280x150
Revenues from operation actually rose by 10 percent but a fall in other income from $35 million to $21 million, pulled the overall revenue gains down. Gross profit grew 27.6 percent to $272 million and gross margin hit 127 percent in the quarter, up from 94 percent in 2013. The improvement came primarily from new revenue streams outside of Jamaica in the Caribbean region, Management stated in their commentary on the results as well as shared sporting activities and some cost reduction in the cost of covering sports.
Operating expenses climbed 11 percent in the 2014 quarter over the 2013 quarter, to hit $268 million. The audited accounts showed gross profit margin of 35 percent for the last fiscal year to March. For the twelve months to March this year, RJR made profit after tax of just $59 million, having just breaking even on its main operation. In 2013, the group made a loss of $77 million before taxation and $30 million, after recording a tax credit of $47 million. The group would have benefited from increase sponsorship and advertising income emanating from the broadcast of the world cup football on radio as well as the staying of commentary on Television. As such some of the improvements in both revenue and profits may not repeat any time soon. What seems of import is that the worse seems behind them now and with prospects of an improving economy ahead, added revenues should flow mostly to the bottom-line as most cost are substantially fixed. The stock is now accorded a BUY RATED rating.
IC Insider is forecasting $131 million or 35 cents per share earnings in 2015. They should generate gross cash of $250 million for the full fiscal period which should a far way in reducing their indebtedness.
On the negative side cash is down from $155 million in March this year to $113 million and receivables is up to $456 million from $370 million and borrowings are stable at $246 million.

What were these directors hiding?

CWJ old 1Cable & Wireless (CWJ) nearly 5 months to report insider trades by it senior directors. What were they trying to hide must be the question? Most companies report trades by insiders, a few days after the event.
There can be little excuse for this to have happened, in the case of the CWJ trades. Are there more trades that have not been reported, is an obvious question? The situation in the case of Cable & Wireless is most important, in light of the increased interest in the stock since the start of 2014, with what appears to be a trend of improving revenues and gain in market share, in a number of its business segments.
On Thursday the Jamaica Stock Exchange was informed by Cable & Wireless that that Senior Directors purchased a total of 5,290,069 shares, during the period March 17, 2014 to April 3, 2014.
The trades involved more than one person and at a senior directors’ level. As directors they have a duty to ensure information as critical as this is reported promptly, within a reasonable time to the exchange. Five months after the trades, is not reasonable.
Mayberry Investments advised that related parties conducted trading activity of 122,500 of the company’s shares on August 11 and 12, 2014.

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