FX gains boost Kingston Wharves

Revenues for Kingston Wharves were up 42 percent for the quarter ended March to $1.17 billion. The amount includes $148.86 million or a 91 percent increase in interest income and a large amount of foreign exchange gains flowing from changes in the Jamaican dollar value for assets denominated in United States dollars, as well as a 38 percent increase in transshipment and domestic container movements.

Port revenues | Increased revenue and cost saving initiatives implemented by the group contributed to positively to the profit performance for the quarter. Revenues for port activities were $999 million up from $804 million for the similar period in 2012, an increase of $195 million or 24 percent. A combination of volume increases and the impact of the declining value of the Jamaican dollar are factors that contributed in a major way to the results.

Profit | Operating Profit increased 142 percent for the first quarter, moving from $155 million in 2012 to $374 million. Profit attributable to stockholders was $153 million compared to $65 million for the same period in 2012. Earnings per stock for the first three months was 10.63 cents compared to 5.90 cents for the corresponding period in 2012.

KingstonWharves150x150Without the gain from the movement of the local currency, profits for the quarter would have been much lower, which is something for investors to bear in mind in considering the company’s stock as an investment. The stock is now selling for more than 17 times this year’s likely earnings, well ahead of other companies on the market presently.

Management stated the group will be making substantial long term investments in order to participate fully in the Kingston port expansion. During the quarter, the first phase of the initiative aimed at the expansion and improvement of the range of services offered was implemented. These include steps to acquire container handling equipment and provide stevedoring services for a new client.

Financial strength | Kingston Wharves is in a healthy financial position with borrowings of $2 billion and equity of $12 billion. The group has $3 billion in cash which will be used in the expansion and modernization of the operations in preparation for increased business when the expanded Panama canal opens.

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