Dolphin Cove Q3 profit gains 17%

Image courtesy of Bill Longshaw/

Image courtesy of Bill Longshaw/

Dolphin Cove reported a 4 percent increase in profit after tax for the nine months to September, of $412 million over 2014 and a 17 percent increase in the September quarter to $128 million over the similar quarter last year.
Cash flow from operations increased by 26 percent to $486 million, compared to $385 million for the similar period to September 2014.
Earnings per stock unit for the nine months amounts to $1.05 and 32.6 cents for the quarter and could end around $1.40 for the year, for the full 2014 year earnings was $1.12.
“The improved results were largely reflective of a 10 percent growth in ancillary revenue and better receivables collections in 2015. There was also noticeable growth in the number of customers who visited our Hanover and Half Moon Parks and the Group also benefited from the devaluation in the Jamaican dollar in the third quarter, 2015 as most of our income is earned in United States dollars”.
Overall revenue grew by 5 percent although, as anticipated, there was a reduction in the number of hotel guests who visited the Ocho Rios Park given the temporary closure (for expansion) of one of the major hotels in this region. The resulting reduction in revenue and profit in this area was however surpassed by strong growth in the other operating segments and an increase in local business on account of our summer promotion which was introduced in September quarter, 2015”.
Stafford Burrowes and his wife

Stafford Burrowes and his wife

“Increase in operating expenses was restricted to 7 percent, for the year to date and 6 percent for the third quarter and was primarily due to additional depreciation, which resulted from the revaluation of buildings. The staff benefited from salary increments, which came into effect in the latter quarter of 2014”, Stafford Burrowes, Chairman and Chief Executive Officer and William McConnell, Chairman of Audit Committee stated in a report accompanying the interim financials.
An interim dividend of 15 cents per share will be paid in December quarter. This brings the total dividend declared to date to 45 cents and equals the same level of dividend which was declared as at September quarter, 2014.
Property, plant and equipment jumped to $2.19 billion at the end of September from $1.11 billion at the end of September last year as revaluation surplus added $930 million. Revaluation and retained profits helped to swell equity to $2.7 billion while borrowed funds stood at $240 million.
The company’s stock is traded on the Jamaica Stock Exchange and closed on Wednesday at $10 but with these results should be heading back upwards to the $13 range before long.

About IC


  1. […] shares changing hands and closed at a new 52 weeks’ high of at $4.65 for a gain of 10 cents, Dolphin Cove rose 28 cents and ended with 35,670 shares trading at $16, General Accident Insurance traded […]

  2. […] of Dolphins increased their holding in Dolphin Cove to 79.99 percent following the closing of compulsory offer to purchase shares from the minority […]

  3. […] Derrimon Trading Company had 16,550 units trading at $3.80 but ended the day with a bid at $4. Dolphin Cove ended at $15.60 with only 4,000 shares trading to gain 10 cents, General Accident traded 63,115 […]

  4. […] 290,856 units changing hands, Derrimon Trading ended with 10,000 shares changing hands at $3.80. Dolphin Cove closed at $17 with only 100 shares trading, Honey Bun finished with 1,000 shares changing hands to […]

  5. […] changed hands at new 52 weeks’ high as AMG Packaging traded 662 units at $7 for the first time, Dolphin Cove had just 300 shares trading at a new high of $17, Knutsford Express also traded at a new high with […]

  6. […] Discovery Group of Mexico acquired approximately 58.5 percent of the ordinary share capital of Dolphin Cove, paying between J$13.70 (or US$0.1143) to a high of J$16.03 per share. The shares were sold to the […]

  7. […] market is off to a spirited start on Wednesday which saw Sagicor Investments crossing 227.5 million Dolphin Cove shares and buying another 2.1 million from other brokers. The main market indices are down and the […]